Metro ups MediaSaturn stake

Metro AG, Germany’s biggest retailer, will increase its holding in Media- Saturn by purchasing the 2.97 per cent stake held by the electronics chain’s co- founder Leopold Stiefel.

The move will increase Metro’s stake to 78.38 per cent, leaving Stiefel’s fellow co- founder Erich Kellerhals as the only other shareholder. Metro has been in a dispute with Kellerhals over the influence he still wields over the business.

In August, Duesseldorf, Germany- based Metro won dismissal of an appeals case seeking to block a corporate governance change at Media- Saturn meant to cut the influence wielded by Kellerhals. Kellerhals has a 21.62 per cent stake in Media- Saturn, a spokeswoman for Metro said by phone, asking not to be named, in accordance with company policy.

Stiefel’s stake sale “doesn’t change the shareholders’ structure,” said Sebastian Frericks, an analyst at Bankhaus Metzler in Frankfurt. Metro fell 0.4 per cent to € 22.84 at 10.53am in Frankfurt. Contract talks are taking place between Metro and Stiefel and he will remain an adviser to Media- Saturn, according to a statement from the Stiefel family.

“We very much welcome his willingness to continue to be involved in the company,” Metro chief executive Olaf Koch said in a separate statement today.

Koch has pledged to focus on the Cash & Carry wholesale unit and Media- Saturn electronics stores.