Media Saturn sale to founder is possible

Media Saturn sale to founder is possible

If founder Erich Kellerhals tabled a bid for Metro Group's Media Saturn Holding's shares, the company would seriously consider and examine the offer.

Power struggle

Those were current temporary CEO Pieter Haas' words, who currently leads Media Saturn Holding (Media Markt, Redcoon and Saturn, even though this brand will soon disappear from the Netherlands and Belgium).

 

Kellerhals, Media Markt's founder, currently owns 22 % of the holding's shares but he is not satisfied with the way the company is being run and that is why he wants to buy back the 78 % Metro Group currently holds or at least force through a split.

 

The founder has been in a power struggle with Metro Group for a few years now, as he is not satisfied with policy and has tried to gain more influence on the board's decisions.

 

Online strategy works

Pieter Haas does not believe it will come to this however: he believes Media Markt's new online strategy is gaining speed, which should improve the company's forecasts. Haas is sure that the company will no longer lose market share to the pure online players, supported by its huge number of actual stores.

 

"We have some 1,000 stores that we can use as a base for same day deliveries and that we can exploit for our multichannel strategy", he told German paper Die Welt.

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