DUESSELDORF, June 26 German retailer Metro
could restart preparations in September for the stock
market listing of a quarter of its Russian cash-and-carry
wholesale operation that it postponed due to the Ukraine crisis,
sources close to the matter said.
Company and financial sources said relaunching the initial
public offering - which had been expected to fetch at least 1
billion euros - would depend on developments in Ukraine and the
level of the Russian rouble.
Metro, which wants to use the proceeds to invest in the
fast-growing Russian business and other emerging markets and pay
down debt, decided in March to delay the stock market listing
due to market turmoil over Ukraine.
Metro declined to comment but Chief Executive Olaf Koch has
said in the past the planned IPO had been well received by
investors and should still proceed if the turmoil on Russian
Metro is Russia's fourth-biggest retailer behind X5
, Magnit and French chain Auchan. Its Russian
unit made a quarter of Metro's group operating profit in 2013
with sales of about $5 billion, some 9 percent of Metro's total.
(Reporting by Matthias Inverardi, Arno Schuetze and Megan
Davies, writing by Emma Thomasson)