Media-Saturn founder wants Metro to co-finance capital injection - RTRS
19-JAN-2016 16:51:13
DUESSELDORF, Germany, Jan 19 (Reuters) - The founder of Europe's biggest electronics chain Media-Saturn sees the company in urgent need of a capital increase, and is calling on its majority owner, retailer Metro MEOG.DE, to use some of the proceeds from recent disposals.
Media-Saturn's billionaire founder, Erich Kellerhals, still owns a stake of close to 22 percent and has regularly clashed with Metro over its management of the business, most notably over the group's move into the fast-growing online market.
If Metro is not willing to inject more capital, Kellerhals remains interested in buying its stake, Ralph Becker, head of Kellerhals' investment firm Convergenta, told Reuters.
Metro said if Convergenta made a concrete, firm offer for the rest of Media-Saturn is would look at it. Also, it is not categorically opposed to a capital increase at Media-Saturn but did not believe it is necessary, a spokesman for Metro said.