Metro to explore sale of German retail chain Kaufhof: report

0 Comments | AFP, April, 2008

FRANKFURT (AFP) — The German retail giant Metro may start approaching potential buyers for its Kaufhof chain of department stores next month, a press report said Thursday.

A number of financial investors are among the possible buyers, the Financial Times Deutschland reported, citing people familiar with the matter.

The US investment bank JP Morgan was acting as advisor in the deal, it said.

Metro declined to comment on the matter, the newspaper added.

Analysts have estimated Kaufhof's worth at about three billion euros (4.8 billion dollars), of which one billion euros represent the operating business.

The bulk of the chain's value consists of its real estate.

Metro said last month that it no longer saw Kaufhof as part of its core...