The electronics retailer Ceconomy wrapped up 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 completion, Ceconomy will become the sole shareholder of the largest German electronics store chain, MediaMarktSaturn. In return, the previous MediaMarktSaturn minority shareholder Convergenta will become an anchor shareholder of Ceconomy. For this purpose, the conversion of preferred shares into ordinary shares is expected to take effect at the end of May.
Media Markt and Saturn: Ceconomy expects these advantages from the complete takeover
“This is an important step for our company and we are pleased that it is now going quickly,” said Ceconomy boss Karsten Wildberger according to the announcement. After a long period of friction, the general meeting in April cleared the way for the transaction, and Ceconomy then aimed for completion “by the end of September at the latest”.
According to its own information, the future shareholder structure will enable the group to reduce administrative costs and use tax loss carryforwards, among other things. The transaction will therefore have a positive effect on net income as early as this year, it said. The Group forecasts a further increase in tax synergies for the years to come.
