on Monday, three years after it raised 4 billion euros. Net debt of 42 billion euros is equivalent to a toppy 3 times estimated 2020 EBITDA, according to Refinitiv data. Bringing that down to 2.6 times implies boss Jean-Bernard Levy needs some 2.2 billion euros from investors who have sent shares down 14% year-to-date., raising questions about whether a company which is already 84% owned by the government is suited for public markets.
The approach, which boosted Metro’s ordinary shares 6.5% to 8.92 euros on Monday morning, is opportunistic. The stock has halved since last June, when the investing duo made anvaluing the company at 5.8 billion euros. Since then, its customer base of restaurants and hotels have come under strain. But the investors can avoid bidding for the entire company by stating that they have no intention of controlling more than 50% of the company. It makes sense to pick up cheap stock, if they can.
With so much leeway, unions are digging in against aggressive staff cuts. National tensions – both the French and Dutch governments hold 14% stakes – may also be getting in the way. KLM is ditching 20% of its staff, while the flabbier Air France is shrinking its workforce by 16%.
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