Europe’s fourth biggest retailer, Germany’s Metro AG has confirmed speculation which surfaced in late 2013 that it is to list 25% of its Russian cash and carry business.
The retailer said yesterday that it plans to sell up to a quarter of its stake in the cash and carry unit in an initial public offering during the first half of this year on the London stock exchange.
Metro has been restructuring its large portfolio of cash and carries, supermarkets, department stores and electronics chains in order to cut debt and raise money.