X+bricks offers more for Real, but Metro continues negotiations with Redos
The X+bricks and SCP Group consortium has beefed up its offer to Metro to acquire Real, announcing that it was now offering Metro a total cash proceeds of “well over €0.5bn”. The planned takeover of Metro by EP Global Commerce had reportedly changed the conditions significantly and necessitated a review and reassessment of the Real sale. X+bricks and the private equity fund SCP, which is backed by Russian billionaire Vladimir Yevtushenkov, intend to sell the Real markets to other traders “over a transitional period lasting several years”. Exclusive strategic partner is Kaufland, which is also “not working together with other bidders”. According to x+bricks’ initial offer, the retailer would take over up to 130 of the 279 stores. Metro announced yesterday afternoon that it would continue negotiations with Redos despite the new offer, as the offer by Redos affords “the most likely implementation with regard to merger control”. An agreement with Redos will bring Metro cash proceeds of around €0.5bn.
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