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Germany: METRO majority shareholder reduces stake

METRO Group's major shareholder, Franz Haniel & Cie GmbH, has announced plans to reduce its holding in the company by around 4.24 per cent, about 13.7 million shares, over the next 18 months.

The move will reduce its stake to 30.01 per cent, but it will remain the largest single shareholder in Germany's largest retailer. Shares in METRO Group fell by 3 per cent on the back of the news.
Haniel, the family-owned investment company has also reduced its stake in drug wholesaler, Celesio, in a move to reduce its debts.

Source: ESM MAgazine