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Metro considers listing minority stake in Russian unit

Reuters - UK Focus

DUESSELDORF, Nov 19 (Reuters) - Europe's fourth-biggest retailer Metro AG (Xetra: 725750 - news) 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 exclusive.

Metro (Toronto: MRU.TO - news) said it wanted to maintain long-term control of the business, a spokesman said in a written statement, stressing no formal decisions had been made on the issue.

Market and banking sources told Reuters a stock offering for the Russian unit, which runs 70 big-box Cash & Carry outlets, could be worth more than $1 billion.

Sberbank (Other OTC: SBRCY - news) and Goldman Sachs (NYSE: GS-PB - news) are likely to be working with Metro on the IPO, the sources said. A floation is likely to be in London, two sources said, but is not likely to happen this year.