Exclusive: Ceconomy Eyes Deal With Heirs Of Media Markt Founder – Sources

www.oann.com | 8/9/2019 | Staff
Nighty (Posted by) Level 3
DUESSELDORF (Reuters) – Germany’s Ceconomy , Europe’s biggest consumer electronics group, is in talks to resolve a long-running dispute with a major shareholder of subsidiary Media Saturn, people close to the matter said on Monday.

Under the transaction being discussed, the holding of the Kellerhals family, Convergenta, would swap its stake in the jointly held Media Saturn for a 25% stake in Ceconomy and get a cash payment on top, the sources said.

Ceconomy - Shares - Capital - Increase - Kind

The Ceconomy shares would come from a capital increase in kind, with the total share and cash deal worth roughly 1 billion euros ($1.10 billion), the sources said.

Ceconomy’s shares briefly reversed earlier losses, rising as much 4.9% after the Reuters story was published before settling back to trade almost flat at 1040GMT.

Analysts - Dispute - Ceconomy - Acquisition - Strategy

Analysts have speculated that settling the dispute could allow Ceconomy to pursue a more aggressive acquisition strategy, with the European consumer electronics market seen as ripe for a shake-out...
(Excerpt) Read more at: www.oann.com
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