UBS announced a net profit of $1.4 billion for the second quarter of 2019.Earningsread more
Beijing says it can still meet its 2019 growth target of between 6% and 6.5% and continues to roll out stimulus measures to prop up activity. China set a 2019 industrial...China Economyread more
Japan and South Korea are part of a complex and tightly linked supply chain that produces electronic goods such as smartphones and laptops.Technologyread more
A different oil pricing dynamic has been evolving with new supply calculations based on the U.S. as the world's largest producer.Market Insiderread more
The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Stocks in Asia Pacific edged up on Tuesday afternoon, as investors await closely-watched central bank meetings in the coming days.Asia Marketsread more
More than half of Venezuela's 23 states lost power on Monday, according to Reuters witnesses and reports on social media, a blackout the government blamed on an...World Politicsread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
The deal between the White House and Democrats was earlier expected to raise the debt ceiling for two years and permanently end the sequester.Politicsread more
Britain's Antstream is jumping into the cloud gaming battle with a streaming platform for retro titles. And Tencent just backed the company.Technologyread more
American comedian Hannibal Buress, who stars in "The Eric Andre Show," has made a recent transition into the world of business as an angel investor — but there's an important...How I Made Itread more
(Adds details, background, analyst comment)
BERLIN, June 24 (Reuters) - Shares in German wholesaler Metro jumped more than 4% on Monday after EP Global Commerce, an acquisition vehicle owned by Czech and Slovak investors, made a takeover offer that values the company at 5.8 billion euros ($6.6 billion).
EP Global Commerce, which already held a stake of nearly 11% in Metro, made the takeover offer late on Friday, with Metro's biggest shareholder - investment firm Haniel - already agreeing to sell its 15.2% stake and EP exercising a call option for a stake of 5.4% held by Ceconomy.
Metro said on Sunday that the unsolicited offer substantially undervalued it, noting that the offer price was only 3% above the closing share price on Friday, and advised shareholders to hold off on taking action until management comments further.
Metro shares were up 4.5% at 16.25 euros at a 18-month high.
Bernstein analyst Bruno Monteyne said EP was paying a "rather big premium for a declining business".
"Clearly management has to do its fiduciary duty to obtain maximum value but we can't see a higher bid coming along," Bernstein said, noting that EP already had a stake of more than 30% with the shares from Haniel and Ceconomy.
EP Global Commerce said on Friday that its offer price of 16 euros for each ordinary share and 13.80 euros for each preferred share represented a 34.5% premium to when EP Global Commerce first invested in Metro in August.
The firm, co-owned by Czech investor Daniel Kretinsky and Slovak partner Patrik Tkac, said the offer was "a compelling value and a unique opportunity" for shareholders given the difficult market and challenges facing Metro.
Once a sprawling retail conglomerate, Metro has in recent years been restructuring to focus on its core cash-and-carry business, selling off the Kaufhof department stores and then splitting from consumer electronics group Ceconomy.
It operates in 26 countries with 771 stores and 150,000 employees, and it is trying to offload its loss-making German hypermarkets chain Real, as well as its operations in China. (Reporting by Emma Thomasson Editing by Michelle Martin)