Frankfurt, Sept 13 - Metro chief executive Eckhard Cordes does not expect company founder Otto Beisheim to sell his stake in the world's fourth-largest retailer even though he is quitting an investor pool, a newspaper reported.
"This is a formal step that will not change anything about the proven and constructive cooperation among all the shareholders," Cordes told the Frankfurter Allgemeine Sonntagszeitung in an intervew published on Sunday.
German retailer Metro's shares fell on Friday on speculation Beisheim could sell his stake of around 18.5 percent. Cordes pointed out he could have done this at any time without consulting other shareholders.
"In this regard the speculation is unfounded," Cordes said, adding he had "no knowledge whatsoever" of any plans for Beisheim to sell his holding in Metro.
Beisheim, 85, quit a shareholder pact with the Haniel and Schmidt-Ruthenbeck families which together controlled about 66 percent of Metro. The Otto Beisheim Group wanted to manage its holdings independently, the group said on Friday.
Metro stock closed off lows but still down 1.6 percent at 36.30 euros on Friday.
Cordes reiterated his interest in insolvent retailer Arcandor's Karstadt department stores. "We will do well even without Karstadt, he said, adding: "If it makes business sense we will acquire stores. If not then we won't."