Ceconomy

CECONOMY AG
Aktiengesellschaft (AG)
Industry Consumer electronics
Predecessor Metro AG
Founded 2017 (original group was founded in 1996)
Headquarters Düsseldorf, Germany
Key people
 Pieter Haas (CEO)
Revenue 21,9 Billion EUR (2015/16)[1]
Website www.ceconomy.de

Ceconomy AG (written as: CECONOMY) is a public limited company in Germany. Ceconomy operates the consumer electronic chains Media Markt and Saturn.

History

Ceconomy AG came into being on 12 July 2017 as the consumer electronics division and the food retail division of Metro AG were demerged into two separate companies, each with their own stock-market listing on the MDAX. Since 24 September 2018 Ceconomy is listed in the SDAX. The food retail business is still known as Metro AG.[2]

The reasons given for the demerger were that the two businesses had relatively little synergies and could be better developed as separate concerns.[3]

On 6 February 2017, the AGM of Metro AG agreed to the demerger.[4][5] The demerger was executed on 12 Juli 2017 by way of required changes in the Trade Register in Düsseldorf, followed by the IPO on 13 July.[6] Metro AG was renamed to Ceconomy AG on 11 August 2017.[7] Subsequently, Metro Wholesale & Food Specialist AG was renamed to Metro AG on 18 August 2017.

Business

Ceconomy is the largest European consumer electronics retailer, primarily through Media-Saturn-Holding, the holding company for the chains Saturn and Media Markt.

References

  1. ↑ Umsatz des Segments Media-Saturn der Metro Group per Geschäftsbericht 2015/16, Seite 174
  2. ↑ Neue METRO veröffentlicht Börsenzulassungsprospekt, Pressemeldung der Metro Group vom 26. Juni 2017.
  3. ↑ "Focus Online" (in German). 2016-12-15. Retrieved 2016-12-15.
  4. ↑ Aktionäre beschließen Aufteilung
  5. ↑ "METRO GROUP Pressemitteilung" (in German). 2016-12-15. Retrieved 2016-12-15.
  6. ↑
  7. ↑ Amtsgericht Düsseldorf, HRB 44806
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