The German wholesale company Metro is unhappy with the takeover bid by Czech billionaire Daniel Křetínský and his Slovak business partner Patrik Tkáč. The board of the parent company believes that the 5.8 billion euro offer represents a “significant undervaluation” of the company.

Metro responds more extensively to the unsolicited bid if they have received it officially. The company called on shareholders not to do anything for the time being. However, Křetínský’s company EP managed to get hold of major shareholder Haniel Finance, which owns 15 percent of the shares in Metro. With its own interest in Metro, EP would already have commitments to get hold of more than 30 percent of the shares in the wholesale business.

Metro has been struggling since it set up its electronics stores on its own feet in the Ceconomy company a few years ago. For the sale of foodstuffs in particular, the company suffers from competition from discount supermarkets such as Aldi and Lidl.

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