Metro bid terminated

The discussions between a potential bidder for Metro International have been terminated according to a press release of the free newspaper company this morning. As a result, Metro is now seeking working capital through the “Swedish Depository Receipts” option that the company mentioned earlier.

The ‘highlights’ for the first quarter of 2009 were:

  • Total net revenues decreased year-on-year in the first quarter by 24 percent to EUR 55.6 million (2008: EUR 73.4 million). Net revenues declined by 19 percent excluding Metro Spain that was closed in January 2009 and by 17 percent when adjusting for foreign currency movements.
  • The operating loss excluding Spain was EUR 10.1 million in the first quarter. The total operating loss was EUR 14.7 million (2008: operating loss of EUR 5.6 million).
  • The net loss for the first quarter was EUR 15.3 million (2008: loss of EUR 6.4 million).

One Response to “Metro bid terminated”

  1. Online Journalism Scandinavia: Metro International betting on newspaper growth in emerging markets | Editors' Blog Says:

    [...] which led the company to postpone seeking a rights issue to raise more capital earlier this year, had been stranded on the bidder’s inadequate financing [...]