DUESSELDORF (Reuters) - Metro AG (DE:MEOG) has sold its stake in Britain's biggest cash-and-carry wholesaler, Booker Group Plc (L:BOK), for 196 million pounds as the German retailer looks to reinvest capital and trim debt.
Metro Chief Executive Olaf Koch said the proceeds from the sale of the 9 percent stake in Booker would be used to fund expansion and cut debt.
Metro shares were up 3.3 percent at 0834 GMT, outperforming a 0.9 percent firmer European retail sector (SXRP), while Booker shares tumbled 6 percent.
Metro, which runs Europe's largest consumer electronics chain Media-Saturn as well as Real hypermarkets and Kaufhof department stores in Germany, will continue its strategic partnership with Booker.
The German company became the largest shareholder in Booker in May 2012 when it sold its loss-making British cash-and-carry operations to Booker in a 140 million pound deal.
(Reporting by Matthias Inverardi; Writing by Emma Thomasson; Editing by Michael Urquhart)