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2019-02-12  10:04

CIJEurope.com

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Czech investors could push for Metro AG management change

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The upcoming shareholders meeting for German retail giant Metro AG is shaping up to be a lively one, according to Hospodářské noviny, thanks to Daniel Křetinský, the Czech business mogul who owns an estimated 11 percent through his company EP Global Commerce. It's widely expected that Křetinský will demand an explanation from Metro's CEO Olaf Koch for the company's weak performance. The magazine Der Spiegel speculates that Křetínský, who it calls the "Brown Coal Baron" could be looking to cut short Olaf's contract, which runs until 2022. Křetínský has been investing in Metro together with his partner Daniel Tkáč, buying a 7.3 percent share last year plus an option to extend this by 15.2 percent. They currently hold around 10.9 percent. Much of the German press is speculating that EP Global Commerce could push for total control over Metro, though some believe that with the German economy weakening, the company may be in no rush to do so.

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