Forbes / AFX / Handelsblatt - November 23, 2005
Metro AG is expected to sell the real estate assets of do-it-yourself unit Praktiker AG for around 500 mln eur, Handelsblatt said. It said Metro will select the successful buyer in the next three weeks. Metro has already shortened the list of bidders, with only Deutsche Bank AG and the London-based financial investor Dawnay Day as the last two interested companies remaining. The two have submit bids of between 500 mln eur and 520 mln.
Praktiker is Europe's fourth-biggest do-it-yourself retailer behind the U.K.'s Kingfisher Plc, France's Leroy Merlin and Germany's OBI, owned by retailer Tengelmann Group. On November 22 Metro AG raised 500 million euros ($587 million) when it sold nearly 60% of the firm in the first IPO of a German retailer in more than four years.
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