German retailer Metro could restart preparations in September for the stock market listing of a quarter of its Russian cash-and-carry wholesale operation that it postponed in March due to the Ukraine crisis, sources close to the matter said.
Company and financial sources said relaunching the initial public offering, which had been expected to fetch at least 1 billion euros ($1.3 billion), would depend on developments in Ukraine and the level of the Russian ruble.
Metro wants to use the proceeds to invest in the fast-growing Russian business and other emerging markets and pay off debt.
Metro declined to comment but CEO Olaf Koch has said in the past the planned IPO had been well received by investors and should still proceed if the turmoil on Russian markets abated.
See also:
CEO of German Retailer Metro Will Go to St. Petersburg Economic Forum
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