At the end of April, GALERIA Kaufhof GmbH’s department store business and the entirety of its real property portfolio were merged with the joint GALERIA Holding GmbH. The new executive Holding Company comprises two pillars: multi-channel department store business (GALERIA Kaufhof GmbH) and property portfolio (GALERIA Real Estate Holding GmbH). The objective is to foster an efficient collaboration between the operating department store business and real property activities, both of which are aligned with customer needs.
On 24 September, the Supervisory Board of METRO AG renewed the service agreement with the chairman of the Management Board, Olaf Koch, for an additional three years. In January 2012, Olaf Koch assumed chairmanship of the board after serving three years as CFO at METRO AG.
In October, the METRO GROUP and the French Groupe Auchan announced an agreement concerning an international procurement partnership. For the first time ever, two leading retail groups which operate different business models and perfectly complement each other from a geographical perspective have joined forces to increase their negotiating power. The agreement paves the way for joint price negotiations with key international suppliers of branded consumer goods regarding specific services and conditions at a global level. In addition, the agreement establishes joint global procurement of non-food articles sold by both companies under their own brand name or as no-name brands.