MSH Spin-off?

A little over a week ago, the FT published extracts of an interview with Echhard Cordes, the CEO of Metro AG, owner of Media Saturn Holdings [MSH]. Cordes said that Metro was considering a partial spin-off of MSH [Media Markt and Saturn], saying that this would "create more strategic manoeuvrability", implying that such a move would make MSH a predator in Europe. The FT suggested that at the top of the list of potential acquisitions would be DSGi. Then yesterday, Metro published its results for Q1 2008. MSH grew by more than 10 per cent over Q1 2007, with much of the growth coming from Eastern Europe, and Russia in particular. Overall, MSH grew faster than Metro AG's other business units - Metro Cash & Carry, Real and Galeria Kaufhof.