December 19, 2018 / 10:45 AM / 2 months ago

Ceconomy sees Fnac Darty stake as key to consolidation

BERLIN, Dec 19 (Reuters) - Ceconomy, Europe’s biggest consumer electronics retailer, still sees its 24 percent stake in France’s Fnac Darty as essential to its desire for more consolidation in the sector even if it has no imminent plans for buys.

Ceconomy’s outgoing finance chief Mark Frese made the comment after the owner of the Media Markt and Saturn stores gave a gloomy outlook for 2018/19 and said it needed to acclerate plans for cost cutting at the company.

Frese told journalists that Ceconomy still sees Fnac Darty as the “golden key” to consolidation although the company needs to focus first on restructuring its existing business rather than acquisitions.

Reporting by Emma Thomasson; Editing by Maria Sheahan

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