Shares in Booker (BOK) fell 5 per cent in early trading on Wednesday after the company announced that a major shareholder had placed its stake in the group. German cash and carry operator Metro AG shed its 9 per cent holding, reportedly to cut debt and invest in other areas of the business.
Both companies have said that their strategic partnership, formed in May 2012 after Booker acquired Metro's UK cash and carry operations - which led to Metro's significant stake in Booker - has worked very well and would continue. The shares were sold at 125p, lower than Tuesday evening's 135p closing price, raising £196m for Metro. Analysts at Peel Hunt say the disposal should have no operational impact, but point out that it does remove Metro as a potential purchaser.
