Metro Group is established when various retail firms merge, notably the Metro Cash & Carry wholesale stores and Kaufhof Holding AG, which brings with it majority interests in the holding company of MediaMarkt and Saturn.
Previously comprising 16 Metro Group sales lines, the portfolio is streamlined. Following the sale of Galeria Kaufhof, Metro Group consists of just three sales lines: Metro Cash & Carry, Real and Media-Saturn.
The next logical step to enhance growth and customer focus: Metro AG announces its plans to split the group into two independent, publicly listed market leaders, each with a clear profile. It proposes pooling its wholesale and food retail business within the newly established Metro, and grouping its consumer electronics activities together within CECONOMY. The aim is to give both companies better growth prospects by enabling them to concentrate on their respective industries and customer segments – with a stronger focus, faster decision-making processes, greater flexibility and improved operational efficiency.
The Management Board of Metro AG resolves to initiate the preparatory measures necessary for the Metro Group demerger. The Supervisory Board agrees to the plans.
The company is split pro forma into two separate organisational units. This step also gives the signal for the new CECONOMY management team, headed up by designated CEO Pieter Haas, to start work.
At the Metro Group Capital Markets Day, Metro and CECONOMY unveil their strategies as independent firms to investors for the first time. The name CECONOMY and the associated brand positioning are also presented to the public for the first time.
At the General Meeting, 99.95 per cent of the shareholders present give the go-ahead for the Metro Group split. The plan is to bring about a separate share listing for CECONOMY by floating Metro Group’s food retail business on the stock exchange as a new publicly listed company.
Recording the demerger and spin-off in the commercial register completes the Metro Group demerger, and CECONOMY officially becomes an independent company.
The new CECONOMY shares are listed on the Frankfurt and Luxembourg stock markets. They also continue to be listed in the MDAX after the split.
The change of name from Metro AG to CECONOMY AG is officially entered in the commercial register in one of the final steps in the demerger process.