German retailer Metro AG has rejected a EUR 5.8bn takeover offer from an investment vehicle controlled by Czech billionaire Daniel Kretinsky, arguing it “substantially undervalues” the Düsseldorf-based company. EP Global Commerce, which is controlled by Mr Kretinsky and his Slovakian business partner Patrik Tkac, said on Friday night that it would offer EUR 16 in cash for each Metro share it does not already own, and EUR 13.80 for each preference share.
