In line with the hive-down and spin-off of the wholesale trading and food retail trade activities all liabilities and rights arising from syndicated credit facilities, bonded loans, bilateral credits, the bonds issued under the Debt Issuance Programme as well as the German Commercial Paper Programme are transferred to the METRO Wholesale & Food Specialist AG, Düsseldorf. Under the UmwG, the consent of third parties is not required for such transfer. The same applies to the guarantees provided as security for the bonds issued by METRO Finance B.V. Pursuant to § 133 para. 1 and para. 3 UmwG, METRO AG is jointly and severally liable for the fulfilment of liabilities which are transferred to METRO Wholesale & Food Specialist AG in the course of the hive-down, if they become due within five years from the announcement of the entry of the hive-down in the commercial register of METRO AG and based on them any claims are awarded against METRO AG by a court of law or in any other manner described in § 133 UmwG.
For more information see pages 111-115 of the Demerger report of the Management Boards of METRO AG and of METRO Wholesale & Food Specialist AG dated 13 December 2016. This and further documents and information about the hive-down and spin-off are available on the page of the Annual General Meeting under agenda item 11.