A sale of German retail giant Metro to fellow multinational Carrefour is highly unlikely, just-food understands.

Sales in Metro rose over 1% today (24 September) amid market speculation that Carrefour could be interested in bidding for the company.

Officials at Carrefour could not be reached for immediate comment while Metro refused to be drawn on the reports.

However, just-food understands that there is no indication that a deal between the two retailers is in the offing.

Last week, a key shareholder in Metro apparently signaled its commitment to the retailer when its CEO stepped forward to take the top job at the company.

Eckhard Cordes, CEO of German industrial holding firm Franz Haniel, looks set to replace Hans-Joachim Körber, who is to leave Metro after 22 years at the company

Haniel owns a 34.24% stake in Metro and, through an alliance with fellow shareholders the Schmidt-Ruthenbeck family, holds majority control of the business.