Media-Saturn founder weighs challenge to Metro split

DUSSELDORF - The founder of Media-Saturn, the consumer electronics group owned by Metro is considering a legal challenge to the German retailer's plan to split into two companies, potentially delaying the move.

Shareholders in Metro overwhelmingly voted on Monday to back a plan to split off the group's wholesale and hypermarket food business from Media-Saturn, Europe's biggest consumer electronics group, to be renamed Ceconomy.

Billionaire Erich Kellerhals still owns a stake of close to 22 percent in Media-Saturn and has regularly clashed with Metro over its management of the business.

He is preparing a legal challenge to the split, a spokesman for his investment firm Convergenta said on Tuesday, but added it was not yet decided whether or when the challenge would be filed (Reuters / Financial Times).

Kellerhals has four weeks from the shareholder meeting to lodge a challenge. If he proceeds, it could delay Metro's plans to split, which it wants to happen by the middle of the year.

More than 99,5% of the shareholders agreed with Metro's plan to split the two companies.