47. Remaining legal issues
Successful completion of the demerger
On 6 February 2017, the Annual General Meeting of the former METRO AG (registered in the commercial register of the Local Court in Düsseldorf under HRB 39473, today trading as CECONOMY AG) resolved to demerge the former METRO GROUP into 2 independent listed companies that are specialists in their respective market segment. A number of shareholders took legal action against the planned demerger of the group by seeking various legal remedies, such as action for annulment, rescission and/or declaratory action, including against the resolution passed by the Annual General Meeting of CECONOMY AG on 6 February 2017 concerning the meeting’s approval of the demerger and spin-off agreement as well as against the agreement itself. Pursuant to the provisions of the demerger agreement, METRO AG must bear the costs of the litigation and proceedings relating to the demerger. In its judgements handed down on 24 January 2018, the Düsseldorf District Court dismissed all of these claims. Appeals have been filed against all of these decisions with the Düsseldorf Higher Regional Court (OLG Düsseldorf). The Düsseldorf Higher Regional Court has set a hearing for 21 February 2019. METRO AG maintains its position that all of these legal challenges are inadmissible and/or unfounded and has therefore not recognised corresponding risk positions in its accounts.
Further remaining legal issues
Companies of the METRO group form a party to judicial or arbitration proceedings in various European countries. Insofar as the liability has been sufficiently specified, appropriate risk provisions have been formed for these proceedings.