Monday April 21, 07:07 AM
Metro may launch partial spin-off of consumer electronics, make purchases - CEO
FRANKFURT (Thomson Financial) - Metro AG (Xetra: 725750 - news) . may launch a partial spin-off of its consumer electronics chains Media Markt and Saturn and is considering cross-border acquisitions to bolster the units, the Financial Times reported, citing chief executive Eckhard Cordes.
An IPO 'need not necessarily happen in the next two to three years,' Cordes told the newspaper, adding it would create more 'strategic manoeuvrability'.
And while Cordes said the company is not under pressure to make acquisitions, 'we're paid to be managers not simply to react to things, but perhaps to get things started sometimes'.
He declined to name possible acquisition targets, but the FT said Metro may be interested in buying UK rival DSG International Ltd., which operates Dixons and posts about 10 billion euros in annual sales.
Consumer electronics will remain a core part of the company's business, Cordes said.
Commenting on the company's Kaufhof chain of department stores, he said that while no formal sales process has started yet, the company aims to find a buyer for the division.
'Because we're growing so fast in other businesses, we don't want to embark on an acquisition policy for Kaufhof,' Cordes said.
'We would prefer to find a new owner for it who can offer other strategic perspectives.'
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