METRO Group (MTAGF.PK,MTTRY.PK) announced, through its planned demerger, it is launching two strategically focused companies. The Wholesale and Food Business will operate under the corporate brand METRO, while the Consumer Electronics division will operate under the brand CECONOMY. The separation will be proposed to the shareholders at a ratio of 1:1. Each shareholder of the former METRO AG will receive one share of the new METRO AG in addition to the CECONOMY share. These new shares are entitled to participate in dividends for the financial years starting 1 October 2016. The future CECONOMY will hold 10% of the future METRO AG. The annual general meeting of METRO AG will vote on the demerger on 6 February 2017.
After the demerger effective, all shares of the new METRO AG are expected to be admitted for trading in the Prime Standard of the Frankfurt Stock Exchange; a secondary listing on the Luxembourg Stock Exchange is planned. The Board of the former METRO AG expects that both companies will meet the MDAX criteria and will be listed in this market segment.
With effect from the date of the separation, probably in mid-2017, the future METRO AG will be managed by a Management Board that will be reduced from five to four members and headed by the Chairman of the Management Board Olaf Koch. The current Board members Pieter Boone (COO) and Heiko Hutmacher (Human Resources) will be joined by Christian Baier, previously CFO of METRO Cash & Carry, as the new CFO. It is intended that the Management Board of CECONOMY will consist of three persons: Besides designated Chairman of the Management Board Pieter Haas and CFO Mark Frese (both Board members at the old METRO AG).
As a result of the demerger of METRO AG, the Supervisory Boards of the companies will also be reconstituted. It is planned that the Supervisory Board of the new company METRO AG will be chaired by METRO's current Chairman of the Supervisory Board Jürgen Steinemann. It is proposed that Jürgen Fitschen will chair the Supervisory Board of CECONOMY.
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