The electronics retailer Ceconomy completes the complete takeover of the subsidiary Media-Saturn-Holding (MSH) earlier than expected.
The completion of the Convergenta transaction, which is intended to simplify the shareholder structure, is expected for early June, the company announced on Tuesday in Düsseldorf. With the closing, Ceconomy will become the sole shareholder of the largest German electronics store chain, MediaMarktSaturn. In return, the previous MediaMarkt minority shareholder Convergenta will become an anchor shareholder of Ceconomy. The conversion of the preference shares into ordinary shares is scheduled to take effect at the end of May.
“This is an important step for our company and we are pleased that things are moving quickly now,” said Ceconomy boss Karsten Wildberger. Ceconomy had targeted completion by the end of September at the latest after the annual general meeting in April cleared the way after long friction “With the future shareholder structure, the group can reduce administrative costs and use tax loss carryforwards, according to the information. Starting this year, the transaction will already have a positive effect on the net result, it said. The group forecasts a further increase in tax synergies for the next few years .
