The Higher Regional Court of Düsseldorf (Oberlandesgericht) has ruled that the actions for rescission or annulment (Anfechtungs- und Nichtigkeitsklagen) brought by a few shareholders against the demerger of METRO GROUP approved by the Annual Shareholders Meeting of METRO AG do not preclude the implementation of the demerger. These were deemed as evidently unfounded by the court. In relation to the declaratory acts brought against the validity of the demerger contract, the court did not recognize a legal infringement of METRO AG, but did not deem the motion for expedited registration of METRO AG as admissible according to the current legislation. However, since the declaratory acts do not prevent the demerger of the group, as they do not trigger a so-called commercial register blockage, METRO GROUP has taken a decisive step towards implementing the demerger. METRO GROUP is confident that, on this basis, it will be able to implement the demerger into two strong, successful and strategically focused companies as planned. In Mid-July, a wholesale and food specialist with the brand name METRO and a Consumer Electronics oriented company with the brand name CECONOMY are to be created.
For further information, please see the attached press release.