Ion Tiriac could get 27 million euros in addition to the marketvalue of his shares in Metro Cash & Carry if he agrees to thedeal.
German trade group Metro and Ion Tiriac last year set the priceat which the Romanian entrepreneur may exit the biggest store chainin Romania, with sales worth 1.23 billion euros.
A few days ago Metro published for the first time informationabout a potential acquisition of the stake Tiriac holds in thelocal cash & carry network. "In the financial year 2009, thenon-controlling shareholders of Metro Cash & Carry Romania weregranted stock tender rights. The recognition of these put optionsin the balance sheet resulted in goodwill of 27 million euros." Theminority shareholder of the local Metro Cash & Carry network isIon Tiriac, through Zareba Holdings SRL company registered inCyprus.
Tiriac is the man who convinced the Germans at Metro to enterthe Romanian market in 1996, at a time when foreign retailersavoided it because of the low purchasing power. The results in thefirst year of the local network revealed the tremendous potentialof the Romanian trade: in 1998 Metro Cash & Carry Romaniaposted its first profit and sales of 50 million euros per store,the same as the average registered by the network in 2009.
The sale of the stake in Metro would be the second major exit ofthe businessman after the exit from the local Mercedes businesslast year and would see him saying goodbye to a brand that pavedthe way for the introduction of modern retail formats.
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