CECONOMY AG

M&A Activity • Jan 22, 2004

News Details

Ad-hoc | 22 January 2004 08:00

METRO disposes DIVACO stake and assumes disposal of Adler

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– METRO disposes DIVACO stake and assumes disposal of Adler Duesseldorf, 22 January 2004 – METRO disposes its shareholdings in DIVACO- companies in the course of a management buy-out for 1.00 EUR. In this context, guarantees given to banks for DIVACO-liabilities to the amount of 410 m EUR are fully redeemed. The net investment income in METRO’s 2003 accounts will be affected by the waiver of METRO receivables against DIVACO amounting to 250 m EUR prior to the DIVACO transaction. Post tax remains an impact of approximately 160 m EUR. This impact is contrasted by increased income from investments as well as positive tax effects. Therewith the company expects same as before an EPS increase within the targeted corridor of 6-10%. Excluding these one-off effects, an EPS increase of approximately 10% over previous year is expected. METRO intends to assume the disposal of Adler Modemärkte GmbH. For this purpose METRO takes over the company at a purchase price of 60 m EUR. The stake will be accounted for as an asset held for trading in the Group’s balance sheet. The stake in Adler includes liabilities to banks of 280 m EUR. DIVACO was founded in 1998 together with two financial investors. Since then it has pursued the disposal of shareholdings and other assets outside METRO’s core businesses. These have been transferred to DIVACO at that time. DIVACO’s assets lastly comprised stakes in Adler Modemärkte GmbH, Reno Fashion and Shoes GmbH, DFH Deutsche Fertighaus Holding AG, Vobis Microcomputer GmbH and Maxdata AG. end of ad-hoc-announcement (c)DGAP 22.01.2004 ——————————————————————————– WKN: 725750; ISIN: DE0007257503; Index: DAX-30 Listed: Amtlicher Markt in Düsseldorf und Frankfurt (Prime Standard); Freiverkehr in Berlin-Bremen, Hamburg, Hannover, München und Stuttgart; EUREX; Zürich 220800 Jän 04