Metro says won't sell Kaufhof 'below value'

German retailer Metro AG will not compromise on price for a sale of its department store chain Kaufhof and other factors such as solid financing will also be important in the decision, Finance Chief Mark Frese was quoted as saying. Frese told finance daily Boersen-Zeitung in its Saturday edition that shareholders should not expect a special dividend payout in the wake of the sale.
"We're looking for a good price, solid financing and - very importantly - for a sustainable concept," he told the paper in an interview. "Kaufhof has had fantastic development. A sale below its value can be ruled out." Metro is focusing on a price range of up to 3 billion euros ($3.38 billion), the paper said, adding that Metro had received offers between 2.7 billion euros and 2.9 billion euros.