07.03.2001
Court dismissed the actions for annulment of ordinary shareholders
With the judgement of 7 March 2001, the regional court of Cologne has dismissed the actions for annulment of four ordinary shareholders of METRO AG against the decision of the METRO Shareholders’ General Meeting of 4 July 2000 for conversion of preference shares to ordinary shares.
The judgement is not yet final.
With this judgement, the regional court of Cologne has confirmed the legal conception of METRO AG that preference shareholders could convert their preference shares to ordinary shares in a ratio of 1:1 against cash payment of a premium of 11.60 €. In the period from 6 to 27 October 2000, a total of over 20.3 million preference shares – corresponding to 88.36 % of all preference shares – were accordingly submitted for conversion to METRO ordinary shares, which are currently still officially quoted as "ordinary shares/subjected to rescission claim."
METRO AG accrued through this measure 236 million €, which was transferred to the capital reserve. The number of ordinary shares increased to 324,109,563, the share of which in nominal capital is now 99.2 % (previously: 93.0 %).
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