Metro AG shareholders Meridian Foundation and Beisheim Group have raised their stake in the German wholesaler and retailer to about 23% following the unsuccessful takeover of EP Global Commerce GmbH in 2019, Reuters reported Jan. 21, citing statements from Meridian, Beisheim and Metro.
Financial terms of the share purchase were not disclosed.
Meridian and Beisheim had earlier succeeded in opposing EP Global's bid to acquire Metro for €5.8 billion. EP Global is an investment vehicle owned by Czech investor Daniel Kretinsky and Slovak investor Patrik Tkac.
Reuters said Meridian and Beisheim are open to further increasing their stake in the company.
"The current stock price does not accurately reflect Metro's intrinsic value," Meridian and Beisheim reportedly said, adding that they support Metro's aim of transitioning into a pure wholesale business.
"We welcome the long-term commitment shown by our long-standing shareholders Meridian and Beisheim and see the step they have now taken as a sign that they actively support Metro’s strategy to fully focus on the wholesale business," Metro reportedly said in response.
Metro's stock closed down 0.31% to €13.06 on Jan. 21.