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Metro denies being on
sale - top manager must go
Metro AG is not for sale. This was told by the company in a stock market information today. The three owner families, who control two thirds of the shares will remain committed to Metro and emphatically deny that they intend to sell. During the last weeks, the German press has constantly said that Wal-Mart is close to a deal with the owners. A representative of one of the three owner families (Haniel), Mr Jan von Haeften will take Mr Erwin Conradi's place as president of the supervisory council. Mr Conradi has been reported as the person who has conducted the take-over negotiations with various interested multinationals, including Wal-Mart. The Metro share prices, which had risen considerably as a result of the take-over speculations, were almost ten per cent down late this morning. With Metro, Uni Commerce is engaged in a constructive and correct social dialogue. A European works council, the Euro-Forum, was established last year and comprises also the countries outside the European Union, including Turkey. But also problems have been encountered: In Turkey, the country management has not respected the trade union rights of Metro workers and in Spain, the company has been discriminating against the two Uni Commerce affiliates, in favour of a yellow association FETICO. A Wal-Mart take-over of Metro or its hypermarket chain Real would have serious negative repercussions on employment and labour relations in the countries concerned. The U.S. multinational has already shown that it will take a predatory approach to competition also in Europe, trying to force competitors and small and medium enterprises out of business through price wars and low personnel costs. In Germany, Wal-Mart workers were forced to strike last week because of the company's refusal to join the general collective agreement. 24.7. |
