99,95% of German Metro Group's shareholders approved the company's split into Metro and Ceconomy, bringing the actual split very close.
Achieve faster growth separately
Metro Group wants to split because the two divisions' small overlap limits growth. Soon, they will go their own way, which should allow for faster growth. There is the food division Metro, with a 37 billion euro turnover, 150,000 employees and Makro, Metro and Real as chains. On top of that, Metro Group's real estate will also become part of Metro.
Ceconomy will focus on consumer electronics (like Media Markt and Saturn), has a 21.9 billion euro and will maintain a 10 % stake in Metro. This means the link between both companies will not be severed entirely.
The split will cost the company 100 million euro, but should bring in more money later. "We can do better business separately", Metro CEO Olaf Koch said during the general assembly. He will also take charge of the food division. "Soon, we will no longer be distracted by the group's structures providing no synergy at all." All in all, the split should result in a 2 to 3 % turnover growth annually.