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The founder of Metro’s Media Saturn electronics arm is considering mounting a legal challenge to the German retail conglomerate’s plans to split itself in two, writes the FT’s James Shotter.
Metro’s shareholders yesterday overwhelmingly approved the plan, under which Metro will spin off its food businesses into a new company, which will keep the Metro name, and rename its remaining electronics business, based around Media Saturn, as Ceconomy.
Erich Kellerhals, who founded Media Saturn and has had a number of clashes with Metro’s management in recent years, is now considering challenging the split.
A spokesman for Mr Kellerhals’ Convergenta investment group – through which he owns a roughly 22 per cent stake in Media Saturn – said that no decision had yet been reached, but that Mr Kellerhals was “keeping all options open”.
Convergenta has four weeks from yesterday’s shareholder vote to decide whether or not to challenge Metro’s demerger.
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