| MOSCOW, April 9
MOSCOW, April 9 The Russian unit of German
retailer Metro now has four banks working on its
delayed initial public offering, with Morgan Stanley and
Citibank working alongside Goldman Sachs and
Sberbank, three financial sources said.
Metro has delayed the stock market listing of a quarter of
its Russian cash-and-carry wholesale operation because of market
turmoil. It had been expected to fetch at least 1 billion euros
Metro had been eyeing an IPO of the unit around Easter,
sources familiar with the plans previously said. The company
said in March market conditions were not appropriate "in light
of the recent political developments".
The crisis over Crimea has forced several Russian companies
looking to raise money via IPOs to put the plans on ice as they
wait to see how severely Moscow would be hit by Western
sanctions over its annexation of Ukraine.
Others waiting in the wings are children's goods retailer
Detsky Mir and consumer and corporate credit company Credit Bank
In a recent interview, Metro CEO Olaf Koch said the planned
IPO had been well received by investors and should still proceed
if the turmoil on Russian markets abated.
Citibank and Goldman Sachs declined to comment. Morgan
Stanley, Sberbank and Metro could not immediately be reached for
(Reporting by Olga Popova, additional reporting by Emma
Thomasson, Writing by Megan Davies, Editing by Timothy Heritage)