Big Story 10

Ceconomy CFO says to cut Metro stake to up to 1 percent

DUESSELDORF (Reuters) - German consumer electronics retailer Ceconomy, which split from Metro in 2017, will cut its stake in the wholesaler to up to 1 percent this year, its finance chief said on Wednesday.

“In the coming months, we will part from up to 1 percent of our shares,” Bernhard Duettmann said, according to the text of a speech he was due to give at the annual general meeting.

Last September, Ceconomy announced that EP Global Commerce is buying a 9 percent stake in Metro from it in two steps, 3.6 percent initially, with a put option for the rest, expected to be exercised in nine months from then.

Reporting by Matthias Inverardi, writing by Emma Thomasson, editing by Riham Alkousaa