Ceconomy: Complete takeover of Media-Saturn-Holding stalled

The complete takeover of Media-Saturn-Holding by electronics retailer Ceconomy has been delayed. In a statement on Thursday evening, the group referred to a preliminary legal opinion of the Düsseldorf Higher Regional Court in the approval procedure with regard to a planned capital increase. This capital measure, against which some investors are suing, was intended to finance the purchase of the 21,62 percent that the Kellerhals family holds through their family holding company Convergenta. In return, Convergenta is to acquire a stake of up to 29,99 percent in the electronics retailer. The background to this is a long-simmering conflict that both sides resolved at the end of 2020.

According to the announcement on Thursday, Ceconomy is sticking to the plans, but no longer sees sufficient certainty that the transaction can be completed in the current financial year 2020/21 (by the end of September).