The Financial Times has taken note of the ongoing take-over attempt of German retail Metro by the Czech billionaire Daniel Kretinsky. The paper writes that Metro’s CEO Olaf Koch has advised shareholders to reject an offer by EP Global Commerce (which Kretinsky owns with his Slovak partner Patrik Tkac) of €16 per share, claiming it undervalues Metro’s market price. EPGC, whose offer will only be realized if it wins approval from 67.5 percent of shareholders, claims Metro needs a clear shareholder and management structure with a long-term vision in order to ensure survival. The equity portion of the bid is €2.5bn and the FT reports that loans from BNP Paribas, Credit Suisse and Societe Generale have been arranged. Shareholders have until August 7 to accept the deal. Metro’s Russian operations have been slipping (down 4.8 percent between April and June), while the sale of its German supermarket chain Real has dragged out until September. Kretinsky recently picked up a stake in the French newspaper Le Monde.
