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Offer expired Wednesday. The requirement for its validity was for EPGC to secure at least 67.5 percent of Metro's common shares. However, this limit was not reached. If EPGC's shareholding shares were added together with shares of investors willing to accept the offer, their share in the total number of Metro shares would be only 41.7 percent, Křetínský said in a Friday press release.
EPGC submitted a proposal to take over the Metro in mid-June, offering EUR 16 per common share of each company. However, the Metro management rejected the offer and some shareholders also objected to the takeover. The bid estimated the entire company at EUR 5.8 billion (about CZK 150 billion), but management considered it too low.
Křetínský said on Thursday that the bid was apparently unsuccessful and confirmed that EPGC does not intend to increase it. However, he added, it is open to all possibilities. He wants to be a long-term investor of a German company, but he has to see how the company will evolve in the future. Now it will wait for what will happen with the planned sale of the Royal hypermarket division and the plan to find partners to do business in China.
EPGC joined Metro last year, when its stock dropped to record lows in response to a deterioration in its forecast due to weak gains in Russia. The once large-scale retail conglomerate has undergone a redesign in recent years and has focused on wholesale activities. He sold Kaufhof department stores and separated retail electronics sales into a separate Ceconomy group.
The Metro Group has more than 770 Cash & Carry wholesalers in 26 countries, employing more than 150,000 people. The Metro Group has been represented at At representation since 1997. Its division, Macro Cash & Carry ČR, operates 13 wholesale centers in At Theio.
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