:. Food Industry News

Categories: Mergers and Acquisitions

Metro Discusses Karstadt Plan with Ministry

Source: Reuters
20/05/2009

Berlin, May 20 - German retailer Metro has discussed plans for a merger of its department stores with those of stricken rival Arcandor with the Economy Ministry, a source familiar with the matter told Reuters.

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The source said on Wednesday that Metro Chief Executive Eckhard Cordes met on Tuesday with Economy Minister Karl-Theodor zu Guttenberg to present his model for merging Metro's Kaufhof department store chain with Arcandor's Karstadt.

Metro, concerned about a possible state aid payment to its competitor Arcandor, has already presented its plan to local government officials.

Arcandor, which initially opposed the merger idea, has called for a meeting with Metro and investment bank Goldman Sachs to hammer out a plan for Karstadt.

Arcandor last week said it was planning to ask the German government for 650 million euros ($883.6 million) in government loan guarantees and a loan from the German state development bank.



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