By Joshua Kirby
Ceconomy AG said late Thursday that it is considering resubmitting a transaction to buy investment company Convergenta's minority stake in subsidiary Media-Saturn-Holding to a general meeting of shareholders, after some investors went to court to stop the capital increase and bond issue planned to fund it.
The German electronic-goods retailer, which owns the MediaMarkt and Saturn chains via its subsidiary, said that in light of the preliminary views of the Duesseldorf court issued last week, it is looking at resubmitting the transaction to a vote. The company said it is also withdrawing its motion for clearance before the court.
As previously warned, Ceconomy said it no longer expects the acquisition of Convergenta's stake to go ahead this financial year, which ends Sept. 30, but it still intends to implement the acquisition.
Write to Joshua Kirby at email@example.com; @joshualeokirby
(END) Dow Jones Newswires