Exit
the penultimate co-founder
The
Stiefel family was one of the co-founders of Media Markt / Saturn. In
2002, they insisted on getting a put option from metro, an option
which they are exercising now. Yet the family is not about to
disappear altogether from the company’s radar, as Leopold Stiefel
will continue to be active for the company as an advisor.
The
230 million euro for the family’s stake of less than three percent
would lift the total value of the company to 7.7 billion
euro, more than Metro’s total stock market value of around 7.5
billion. About a third of Metro’s turnover derives from its
electronics division.
Last man standing
The
acquisition of the Stiefel family’s shares further augments Metro’s
stake in Media-Saturn to 78.38%. The only other shareholder still
left is co-founder Erich Kellerhals, not exactly Metro’s best friend.
In August 2012, Metro even went to court with Kellerhals in a quarrel
about the rules by which the company should be managed: Kellerhals
insisted on maintaining his veto.
His
veto rights were agreed upon in 1988, when the founders sold the
majority of their shares in Media / Saturn to Kaufman, that later
merged with Metro. Kellerhals
can therefore still influence most decisions, for instance concerning the
launch of a new branch, the recruiting or dismissing of new
directors, extending the webshop or altering the pricing policy.
