German-based retail group Metro AG has revealed that it is considering launching cross-border acquisitions in the near future as it aims to strengthen its European portfolio, prompting a rise in DSGi’s shares based on speculation that it could be the target. Both firms have refused to comment.
Eckhard Cordes, the chief executive of the firm, which is the third largest retailer in Europe after Carrefour and Tesco and owns consumer electronics retailers Media Markt and Saturn, told the Financial Times when asked about the possibility of acquisitions: "We’re paid to be managers not simply to react to things, but perhaps to get things started sometimes."
Cordes declined to comment on any potential acquisition targets, though the FT suggested that DSGi might be a prime target for the group after its market value dipped to just above £1 billion.
PC Retail contacted DSGi to see if it had received any approaches, but was told by a spokesperson for the company: "We can’t comment on speculation and rumour."
A spokesperson for Metro AG added: "We do not comment on speculation."
DSGi’s shares rose 4.5 per cent to close yesterday at 68p a share.