France's Auchan Offers $1.4B For Metro's Eastern Europe Ops

Law360, New York (November 30, 2012, 12:33 PM EST) -- German retail giant Metro AG will pass off a bulk of its eastern European operations to French rival Groupe Auchan SA in a €1.1 billion ($1.4 billion) deal aimed at slashing debt and freeing up the company to focus on its core electronics stores, Metro said Friday.

In the deal, Metro said it would welcome €600 million in new cash and reduce its net debt by €1.5 billion, shaving off a sizable bit of the €7.7 billion in debt the company reported at the end of...
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