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Metro chief expects no Kaufhof deal in 2011
Monday 19 December 2011

19 December 2011 - German retailer Metro AG's (ETR:MEO) planned sale of department store chain Kaufhof may prolong beyond the end of 2011, chief executive Eckhard Cordes was cited by the Frankfurter Allgemeine Zeitung newspaper as saying.

After Metro's supervisory board ended its meeting on Friday without selecting a buyer, Cordes told the paper that, although the company was aiming for a fast sale process, it would not be realistic to expect to finalise the Kaufhof sale this year.

The board said negotiations with potential buyers continued.

Nicolas Berggruen, who owns domestic rival chain Karstadt, made a new offer for Kaufhof early last week, Reuters said, with Austrian investor Rene Benko's Signa group also having placed a bid.

Cordes would not comment on a potential price for the chain, which Metro had previously valued at between EUR2bn (USD2.6bn) and EUR3bn.
Date Published: 19/12/2011
Target: Kaufhof GmbH
Country: Germany
Sector: Wholesale/Retail
Type: Divestment
Status: Talks, Bidding
Vendor: Metro AG
Buyer: Rene Benko, ´s Signa group, Nicolas Berggruen
Previously targeted price is up to USD3.9bn.