Ceconomy nears Russia deal, considers capital increase -sources - Reuters News
19-Jun-2018 10:05:21
By Alexander Hübner, Arno Schuetze and Matthias Inverardi
FRANKFURT/DUESSELDORF, June 19 (Reuters) - German consumer electronics group Ceconomy CECG.DE is expected to strike a deal within days to sell its loss-making Russian business to Safmar and take a 15 percent stake in Safmar's M.video MVID.MM, three people close to the matter said.
The group, which owns retail chain Media-Saturn, is considering a capital increase to finance the transaction and bolster capital cushions, the people said.
One of them said it was mulling a capital hike of roughly 10 percent, which would raise around 280 million euros at the company's current market value.
Ceconomy had no immediate comment.