Metro shelves plans to list Russian cash and carry activities
German retail and distribution giant Metro said on Tuesday it is putting on ice plans to list its Russian cash and carry business on the stock exchange given the current political situation.
"We continue to pursue our plans for an initial public offering (IPO) of Metro Cash & Carry Russia, but as always stressed this would require appropriate conditions in the capital markets. In light of the recent political developments this is currently not the case," a spokesman said.
In January, Metro's supervisory board gave its approval for the company to proceed with the preparations for IPO the group's Cash & Carry business in Russia.
The move was initially planned for the first half of 2014 and Metro wanted to divest up to 25 percent of its shareholding in Metro Cash and Carry Russia.
A stock market listing would give the business opportunity to grow further, Metro argued at the time.
© 2014 AFP