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Metro says plans to split business to cost 100 mln euros
December 14, 2016 / 10:32 PM / a year ago

Metro says plans to split business to cost 100 mln euros

BERLIN, Dec 14 (Reuters) - German retailer Metro said on Wednesday its plans to split and spin off its food and wholesale business from its consumer electronics unit will cost 100 million euros ($105.30 million), with 24 million euros of that already incurred by Sept. 30.

Metro published hundreds of pages of documents on its website detailing its plans ahead of a capital markets day on Thursday.

It confirmed that it wants the consumer electronics unit to keep a 10 percent stake in the new wholesale and food business to strengthen its capital base, adding it was aiming for an investment-grade rating.

Metro also said the wholesale and food business would have the rights to the Metro name, while the consumer electronics group, which owns the Media Markt, Saturn and Redcoon brands, would be renamed Ceconomy. ($1 = 0.9497 euro) (Reporting by Emma Thomasson)

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