Metro monitoring Ukraine amid Russia IPO preparation

Reuters
Company flags are pictured next to a Metro warehouse in Berlin, August 3, 2009. REUTERS/Tobias Schwarz

DUESSELDORF (Reuters) - German retailer Metro is monitoring market conditions, including the turmoil in Ukraine, as it proceeds with plans to list a stake in its Russian wholesale business. Metro has made good progress in preparing for an initial public offering, although market conditions need to be favourable and it is assessing the situation in Ukraine, a spokesman for the company said on Monday. Shares in Metro fell 5.2 percent in early trade, making them the biggest decliners among European retail stocks <.SXRP>, on concern that turmoil in Ukraine could scupper the listing plan. The company was hoping to raise at least 1 billion euros ($1.38 billion) by selling a quarter of its Russia cash-and-carry unit in a London listing, organised by Goldman Sachs and Sberbank . Shares in Russian hypermarket chain Lenta , which made its stock market debut on Friday, fell 8.9 percent. (Reporting by Matthias Inveradi; Writing by Emma Thomasson; Editing by Maria Sheahan)