METRO GROUP hereby clarifies today's media reports regarding a partial initial public offering of its Russian METRO Cash & Carry business:
"The principle, long-term strategy of METRO GROUP targets an accelerated, sustainable growth and, at the same time, a stronger balance sheet. In this context, the company is constantly reviewing its options", said a company spokesman on Tuesday in Düsseldorf.
"The Russian Cash & Carry business is one of the most remarkable success stories in the history of the group. METRO Cash & Carry Russia has quickly become one of the largest growth drivers within the group with more than four billion euros in annual sales and over 70 stores. In future, we intend to further tap into the still strong Russian market growth potential from the already strong market position of our Russian wholesale subsidiary. Therefore, we are currently reviewing additional funding source options for a step-up in expansion. One of these possible options could be the stock listing of a minority share in METRO Cash & Carry Russia; thereby retaining control of the business in the long term. This would both be part of the strategy to strengthen the balance sheet as well as secure further growth possibilities."
With regard to a possible partial IPO of METRO Cash & Carry Russia, no formal decisions have been passed.