Frankfurt (AFP) - German retail and distribution giant Metro said on Monday it intends to list its Russian cash and carry business on the stock exchange.
"Last Friday, Metro's supervisory board gave its approval for the company to proceed with the preparations for an initial public offering (IPO) of Metro Group's Cash & Carry business in Russia," the German group said in a statement.
"We are convinced that this IPO will be an important step both for the business in Russia as well as for the Metro group overall," said supervisory board chief Franz Markus Haniel.
"A stock market listing is expected to give the Russian Cash and Carry business further opportunity to realise its growth potential. Furthermore, the transaction will provide Metro group with additional strategic flexibility for investments and create further deleveraging potential," Haniel said.
Metro said it would divest up to 25 percent of its shareholding in Metro Cash and Carry Russia.
"The initial public offering is planned for the first half of 2014, subject to market conditions, with the listing on the London Stock Exchange," it said.