BERLIN Jan 20 Metro AG plans to sell
up to a quarter of its stake its Russian cash and carry unit in
a initial public offering in the first half of the year on the
London stock exchange, the German retailer said on Monday.
"We expect a listing to enable us to expand our business in
an even more dynamic way and to strengthen the balance sheet of
Metro Group at the same time," Chief Executive Olaf Koch said in
Metro, Europe's fourth-biggest retailer which runs cash and
carries, supermarkets, department stores and the continent's
biggest consumer electronics chain, has been restructuring its
portfolio to cut debt and focus on core businesses.
Metro's shares, which jumped in November when Reuters first
reported the company was considering a Russian IPO, rose on the
news, to trade up 2.7 percent by 1045 GMT.