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Metro, brief company description
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Germany: Metro says no to Wal-Mart and Carrefour, seeks partner for Kaufhof The German commerce multinational Metro says no to a possible merger with Wal-Mart or Carrefour. Hans-Joachim Körber, the CEO of Metro, once strongly denies that such plans would exist. In the German financial press today, Körber says that Metro is seeking a foreign partner to help its department store chain Kaufhof to expand abroad. Only present in Germany, Kaufhof would like to establish itself in the larger neighbouring countries as well. Its new Galleria concept has been very successful, with a turnover in Germany of almost 4 billion USD. Metro is now in discussions with foreign retailers and would be prepared to accept a minority participation in Kaufhof, of up to 49 per cent. The most international part of Metro the Cash and Carry wholesale hypermarket chain. Its global expansion will continue, with particular emphasis on Poland, Turkey, Croatia, Russia and the Asian region. The profitable electronics market chain Media/Saturn will go on the stock market in 2003, Metro says. |
