Investment firm EP Global Commerce (EPGC), owned by Czech billionaire Daniel Kretinsky and his Slovak partner Patrik Tkac, continues to increase its stake in German trading company Metro, acquiring more than 40% of the company’s ordinary shares , DPA reported. November 20.

Upon expiration of the deadline for accepting the voluntary takeover bid, the EPGC accepted the proposals to purchase 10.6% of the common shares of Metro and 1.84% of the preferred shares.

The share of EPGC in the ordinary shares of Metro thus rose to approximately 40.6% from 29.9% before the takeover bid. The company offered € 8.48 per ordinary share and € 8.89 per preference share.

According to DPA, Metro management deemed the offer too low and advised shareholders to reject it.

As the Czech news agency reported earlier this month, after crossing the 30% threshold, EPGC could gradually increase its stake without being forced to make a takeover bid.

A year ago, EPGC became Metro’s largest shareholder, increasing its stake to 29.99%. Kretinsky and Tkac made a voluntary takeover bid for 150 billion CZK (5.9 billion euros) in June 2019. However, Metro’s board of directors rejected it and recommended its shareholders to do not accept the unsolicited offer to purchase.