|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||4.0600 - 4.0600|
|52 Week Range||3.2400 - 10.7200|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Moody's Investors Service, ("Moody's") has today placed on review for downgrade the Ba1 corporate family rating (CFR) and Ba1-PD probability of default rating (PDR) of METRO AG (Metro). Concurrently, Moody's has placed on review for downgrade the Ba1 senior unsecured rating and the (P)Ba1 senior unsecured medium-term notes program ratings of Metro and METRO Finance B.V. The NP commercial paper rating and the (P)NP short-term program ratings of Metro and METRO Finance B.V have been affirmed.
(Bloomberg) -- Sysco Corp. has approached German wholesaler Metro AG about a potential takeover, as the U.S. food distribution giant explores ways to expand in Europe, people with knowledge of the matter said.Sysco has made fresh overtures to Metro in recent weeks, after first expressing interest in buying a stake last year, said the people, who asked not to be identified because talks are private. The companies are working with advisers, though discussions are at an early stage and may not lead to a transaction, the people said.Shares of Metro jumped as much as 23% in Tuesday trading, an intraday record. They closed up 19% in Frankfurt, giving the company a market value of about 4.5 billion euros ($5 billion). They lost 1% at 12.32 p.m. on Wednesday.Any transaction would be Sysco’s biggest ever and mark the first major move by Chief Executive Officer Kevin Hourican, a former top manager at CVS Health Corp., since he took the reins of the $35 billion company earlier this year. Metro would offer Sysco access to hotel, restaurant and catering clients throughout the continent.Wholesale FocusSysco, the largest North American food-service distributor, has been looking to Europe for growth after a blocked attempt to buy domestic competitor US Foods Inc. in 2015. The next year, the company acquired London-based food-service distributor Brakes Group in a $3.1 billion deal to expand in Europe.Representatives for Metro and Sysco declined to comment.Metro would be “a perfect match from a regional perspective,” for Sysco, Baader Helvea analyst Volker Bosse wrote in a note to clients, adding the suitor “could create a lot of cost synergies by downsizing Metro’s headquarters functions.”Metro has focused on its wholesale operations after separating from its consumer electronics arm in 2017. It also agreed last month to divest its hypermarket chain, Real. The German company reached a separate deal last year to sell control of its Chinese business to the owner of local rival Wumart Stores Inc. Those two transactions are set to bring in more than 1.5 billion euros ($1.7 billion) of net proceeds, according to a filing.Czech billionaire Daniel Kretinsky in recent months has increased his stake in Metro to just below 30%. Crossing that threshold would require him to launch an offer for the rest of the company. Any suitor would need to win him over to gain full control.A representative for Kretinsky declined to comment.Failed BidKretinsky and his Slovak partner Patrik Tkac failed in their own attempt to buy out Metro last year, after their 5.8 billion-euro bid didn’t get support from enough investors. Metro’s management at the time opposed the deal, arguing it was highly leveraged and would restrict the company’s strategic leeway.While one of Metro’s three founding families sold its stake to Kretinsky, the Meridian Foundation and Beisheim Group pooled their shares and said in January they had a de-facto blocking stake, with 23% of the company.A spokeswoman for the pool said it had not been contacted by Sysco, but would look at a potential offer and consider it, depending on the price.Kretinsky last year said he would make his next moves dependent on Metro’s progress in selling its China unit and the hypermarket chain.While their long-term intentions are unclear, Kretinsky and Tkac have said they see value in Metro, which runs warehouse-style cash-and-carry outlets across Germany and much of eastern Europe. Kretinsky has built a portfolio that includes energy and media assets as well as the Sparta Prague soccer team. He has also invested in French grocer Casino Guichard-Perrachon SA.(Updates with Kretinsky, Meridian, Beisheim, analyst comments from seventh paragraph.)\--With assistance from Deena Shanker and Ed Hammond.To contact the reporters on this story: Eyk Henning in Frankfurt at email@example.com;Aaron Kirchfeld in London at firstname.lastname@example.org;Richard Weiss in Frankfurt at email@example.com;Nabila Ahmed in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Daniel Hauck at email@example.com, ;Kenneth Wong at firstname.lastname@example.org, ;Daniel Schaefer at email@example.com, Eric Pfanner, Ben ScentFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Moody's Investors Service ("Moody's") has today confirmed the Ba1 corporate family rating (CFR) and Ba1-PD probability of default rating (PDR) of Metro AG (Metro). Moody's has also confirmed Metro's Ba1 senior unsecured rating, its (P)Ba1 senior unsecured medium-term notes program ratings. Metro's NP commercial paper rating and (P)NP other short-term rating are unchanged.
Moody's Investors Service ("Moody's") has today placed under review for downgrade the Ba1 corporate family rating (CFR) and Ba1-PD probability of default rating (PDR) of Metro AG (Metro). Concurrently, Moody's has placed under review for downgrade the Ba1 senior unsecured rating and the (P)Ba1 senior unsecured medium-term notes program rating of Metro.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of METRO AG and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
PARIS/SINGAPORE/BEIJING, June 24 (Reuters) - Shares in France's Carrefour rose on Monday after it became the latest Western retailer to retreat from the Chinese market as fierce competition from domestic rivals and a growing online market puts pressure on foreign firms. Investors welcomed a long-awaited all-cash deal struck at what analysts said was a good enough price in view of Carrefour's falling sales and operating losses in China. Carrefour, which has been in China since 1995, agreed to sell 80% of its Chinese operations to electronics retailer Suning.com for 620 million euros ($705 million).