Europe's fourth-biggest retailer Metro AG is considering a stock market listing of a minority stake in its Russian unit to help fund its expansion, the company said on Tuesday, confirming an earlier Reuters story.
Metro, which has been restructuring its portfolio to cut debt and focus on core businesses, said it wanted to maintain long-term control, a spokesman said in a written statement, stressing no formal decisions had been made on the issue.
"Metro Cash & Carry Russia is one of the most remarkable success stories in the history of the group," he said. "We are currently reviewing additional funding source options for a step-up in expansion."
Market and banking sources said a stock offering for the Russian unit, which runs 70 big-box Cash & Carry outlets, could be worth more than $1 billion.
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