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March 19, 2014

RUSSIA: Metro Group puts cash-and-carry IPO on hold

Metro Group has put plans for an IPO of its Russian Metro cash-and-carry unit on hold following the political crisis in the region.

Metro Group has put plans for an IPO of its Russian Metro cash-and-carry unit on hold following the political crisis in the region.

In January, the German retail giant announced plans to float part of its Russian cash-and-carry business in London.

However, Metro said today (19 March) it would halt plans for the time being in light of the political situation.

In an email to just-food, a spokesperson for Metro said: “We continue to pursue our plans for an IPO of Metro Cash & Carry Russia, but as always stressed this would require appropriate conditions in the capital markets. In light of the recent political developments this is currently not the case.”

Metro, which had been looking at options for funding for expansion, was looking to list 25% of the division during the first half of the year.

Markus Haniel, chairman of Metro’s supervisory board, had said the move would help the Russian unit expand and improve the company’s balance sheet.

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