German Retailer Metro Buys 51 Percent of Primus Online
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Germany's biggest retailer, Metro AG, purchased a 51 percent controlling interest in Primus Online from a unit of its Swiss parent company and said it plans to expand its e- commerce business.
Financial details were not disclosed.
The stake was purchased from Switzerland's BHS AG. Primus, according to Bloomberg News. Primus Online expects 1999 sales of as much as 30 million deutsche marks ($16 million), according to its Web site.
Metro AG, which owns Kaufhof department stores and the Saturn consumer electronics chain, is seeking to increase online sales amid growing competition as Wal-Mart Stores Inc. expands in Europe.
BHS bought the rest of Primus from Debis in October for an undisclosed price. BHS is a subsidiary of Swiss holding company Metro Holding AG, which also owns 60.7 percent of Metro AG.