Media Markt Co-Founder Erich Kellerhals Dies
28 Dezembro 2017 - 7:59AM
Dow Jones News
By Ulrike Dauer
Erich Kellerhals, co-founder of Media Markt and minority
shareholder in Europe's largest consumer-electronics retailer
Media-Saturn-Holding, died on Dec. 25.
His death was confirmed by a spokesman of Mr. Kellerhals's
company Convergenta Invest GmbH, speaking in name of his
family.
Mr. Kellerhals, aged 78, was one of the wealthiest people in
Germany, with Forbes magazine estimating his assets at around $2
billion. Mr. Kellerhals's company Convergenta owns a stake of
around 20% in Media-Saturn-Holding, with the remaining 80% belongs
to Ceconomy AG (CEC.XE), which has been bundling its consumer
electronics business since the "old" Metro AG (B4B.XE) split in
July.
Mr. Kellerhals had filed a lawsuit against the Metro split,
citing tax disadvantages and noting that the split mostly benefited
major shareholders. Mr. Kellerhals, who historically had a veto on
certain strategic decisions of the Media-Saturn-Holding, and the
"old" Metro AG have been fighting over his shareholder rights since
2011.
The dispute was continued with Ceconomy after the split-up. More
recently, a mediator took over the case.
"Erich Kellerhals has been a remarkable entrepreneur and has
laid the cornerstone of today's MediaMarktSaturn Group with his
wife, and we pay tribute to him for his condolences and
compassion," the Ceconomy Board said.
Ceconomy shares are up 3.6% at EUR12.18 at 1013GMT.
Write to Ulrike Dauer at ulrike.dauer@wsj.com
(END) Dow Jones Newswires
December 28, 2017 04:44 ET (09:44 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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