The German Federal Court of Justice unequivocally confirmed the position of METRO AG in the dispute with the minority shareholder of Media-Saturn.
Olaf Koch, Chairman of the Management Board of METRO AG, declared: "The judgement underpins that the minority shareholder may not use the shareholder meeting as an instrument for his purposes and it strengthens the strategic and operational capability to act and the flexibility as well as the competences of the Media-Saturn-Holding management."
The contentious issue of yesterday's ruling of the Federal Court of Justice were intended company location measures for Media Markt and Saturn from the year 2012, which pursuant to the articles of association of the company may be decided by the Media-Saturn-Holding management, but which were declared the subject matter of a shareholder resolution by the Media-Saturn-Holding minority shareholder. The majority shareholder METRO AG had argued against this course of action and pleaded not to interfere with the competence of the Media-Saturn-Holding management. For this reason, in some cases METRO AG had voted against decisions concerning company locations in the shareholder meeting. In the view of the Court, there were no objections against the voting conduct of METRO AG in the relevant shareholder meeting. The Federal Court of Justice ascertained that the shareholders are free in the casting of their votes.