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Metro monitoring Ukraine amid Russia IPO preparation

Reuters - UK Focus

DUESSELDORF, March 3 (Reuters) - German retailer Metro (Berlin: MEO.BE - news) is monitoring market conditions, including the turmoil in Ukraine, as it proceeds with plans to list a stake in its Russian wholesale business.

Metro (Toronto: MRU.TO - news) has made good progress in preparing for an initial public offering, although market conditions need to be favourable and it is assessing the situation in Ukraine, a spokesman for the company said on Monday.

Shares in Metro fell 5.2 percent in early trade, making them the biggest decliners among European retail stocks, on concern that turmoil in Ukraine could scupper the listing plan.

The company was hoping to raise at least 1 billion euros ($1.38 billion) by selling a quarter of its Russia cash-and-carry unit in a London listing, organised by Goldman Sachs and Sberbank (MCX: SBER.ME - news) .

Shares in Russian hypermarket chain Lenta, which made its stock market debut on Friday, fell 8.9 percent.