Daniel Kretinsky's attempts to acquire 67.5 % of shares in German retailer Metro have failed. The Czech billionaire now wants to take a seat in the Board of Directors.
With barely over 40 % of shares in their hands, Kretinsky and his partner Patrik Tkac fall way short of their target of 67.5 %. The owner of investment fund EP Global Commerce has now said to German newspaper Handelsblatt that as the target has not been reached, the offer is cancelled.
A major factor in the cancellation is the fact that major shareholders Beisheim Group and Meridian Foundation (owning 20 % of Metro's shares) thought the offer of 16 euros per share was too low. Kretinsky disagrees and thinks the offer was correct, declining to make a higher bid.
The Czech however refuses to be put aside: he stated that the amount of share he already holds in Metro would entitle him to a seat in the Board of Directors. It remains yet to be seen how the other shareholders will react to such a power grab after a failed takeover...