German group initiates separation food business

The Metro Group, a German company that operates in the retailer and wholesaler, announced today (6/9) that your Board of Directors, after the completion of the reviews, decided to start with the necessary preparations for the merger of Metro Group.
"We want to split our group into two strong commercial enterprises. Now, we are creating the first important prerequisites and then we will implement actions ", said in a statement, Olaf Koch, President of the Board of Directors of Metro AG.
According to the statement, the organizational separation happens to transform the business of wholesale and food into an independent company. The non-food business, which is selling consumer electronics, will remain in Metro AG, one of the units of the group. "Our belief is that companies will be even more successful when operating independently," says Koch.
The proposed scission shall be subject to approval at the next annual meeting. The split should be complete by mid-2017. Retail company''s shares will be traded on the stock exchange at the end of the process.
The Metro Group is one of the most important international retail companies. It generated sales of around € 59 billion in 2014/15. The company operates in more than 2000 stores in 29 countries and employs more than 220,000 people.