M&A

M&A

Germany's Metro AG plans to cash out of India biz for $1.75 B

Economic Times  

Amazon, Thailand's largest conglomerate Charoen Pokphand (CP) Group, Reliance Retail, Avenue Supermarts which runs the DMart chain, Tata Group, Lulu Group, and PE fund Samara Capital are among those that have approached to buy the Indian cash-and-carry operations of German retailer Metro AG for around USD 1.5-1.75 billion. Metro has been operating its chain of 31 cash-and-carry stores since 2003 but intense market competition and large investments to sustain operations forced the Dusseldorf-headquartered multinational to first undergo a detailed business review and then choose to give the sell mandate. JP Morgan and Goldman Sachs have been appointed to find a buyer for the business after Bain & Co submitted a detailed strategy report.