Metro confirms new potential buyer for Kaufhof

KaufhofMetro AG, Germany's largest retailer, has confirmed talks with Wolfgang Urban, ex-CEO of KarstadtQuelle, who wants to buy department store chain Kaufhof for a group of families from Düsseldorf. According to Bild am Sonntag, the group wants to buy a majority of 51%, but is prepared to buy 100% of the shares if necessary.

Three parties interested

Urban started his career at Kaufhof, but moved on to lead KarstadtQuelle – another interested party in the Kaufhof chain. Business newspaper Handelsblatt however reported that the bid by Karstadt's new owner Nicolas Berggruen has been rejected by Metro.

 

The status of the third proposal, that of Austrian Signa and the Greek billionaire George Economou, is unclear. Metro CEO Eckhard Cordes, who has been looking for years to sell Kaufhof, has recently stated he abandoned his hope to sell the chain before the year is over.

KaufhofMetro AG, Germany's largest retailer, has confirmed talks with Wolfgang Urban, ex-CEO of KarstadtQuelle, who wants to buy department store chain Kaufhof for a group of families from Düsseldorf. According to Bild am Sonntag, the group wants to buy a majority of 51%, but is prepared to buy 100% of the shares if necessary.

Three parties interested

Urban started his career at Kaufhof, but moved on to lead KarstadtQuelle – another interested party in the Kaufhof chain. Business newspaper Handelsblatt however reported that the bid by Karstadt's new owner Nicolas Berggruen has been rejected by Metro.

 

The status of the third proposal, that of Austrian Signa and the Greek billionaire George Economou, is unclear. Metro CEO Eckhard Cordes, who has been looking for years to sell Kaufhof, has recently stated he abandoned his hope to sell the chain before the year is over.

Questions or comments? Please feel free to contact the editors


Action opens 1,000th store

20/10/2017

Tomorrow is a special day for Dutch discounter Action, as it will open its 1,000th store in Gorinchem (in the Netherlands). The number of Action stores has almost doubled in the last two years.

Richemont forecast huge profit increase for first six months

17/10/2017

Luxury firm Richemont, which owns watch brand Cartier for instance, has forecast an 80 % profit increase for the first half of its fiscal year. Turnover will also grow more than 10 %.

Safe.Shop is new global eCommerce trust mark

16/10/2017

Safe.Shop is the world’s first global eCommerce trust mark. Currently, only twelve countries signed up, but that number should increase in the future.

Retailers the wrong target for action on the supply chain

13/10/2017

(content provided by EuroCommerce) EuroCommerce Director-General Christian Verschueren has expressed his concern towards Agriculture Commissioner Phil Hogan that some of the statements in his speech on 5 October in Dublin could polarise the debate.

Zeeman doubles profit

12/10/2017

Store chain Zeeman’s profit more than doubled in the past fiscal year compared to 2015. Turnover also grew several percent, mainly thanks to strong performances outside of the Netherlands.

British company acquires Intertoys and Bart Smit

12/10/2017

Dutch retail holding Blokker has sold its toy division Intertoys to British investor Alteri. The store chain sale is part of Blokker Holding’s new strategy to focus only on its namesake chain.

Back to top