Ceconomy Might Resubmit MediaMarktSaturn Deal to Shareholder Vote
16 Juli 2021 - 07:36AM
Dow Jones News
By Joshua Kirby
Ceconomy AG said late Thursday that it is considering
resubmitting a transaction to buy investment company Convergenta's
minority stake in subsidiary Media-Saturn-Holding to a general
meeting of shareholders, after some investors went to court to stop
the capital increase and bond issue planned to fund it.
The German electronic-goods retailer, which owns the MediaMarkt
and Saturn chains via its subsidiary, said that in light of the
preliminary views of the Duesseldorf court issued last week, it is
looking at resubmitting the transaction to a vote. The company said
it is also withdrawing its motion for clearance before the
court.
As previously warned, Ceconomy said it no longer expects the
acquisition of Convergenta's stake to go ahead this financial year,
which ends Sept. 30, but it still intends to implement the
acquisition.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
July 16, 2021 01:26 ET (05:26 GMT)
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