Metro says conditions still not right for Russia IPO

BERLIN, Germany - German retailer Metro AG said conditions are still not right to list a stake in its Russian cash-and-carry business, that was postponed in March due to the Ukraine crisis.

"Some things have gone in the right direction in terms of the political conditions but we are still of the opinion that the conditions are not currently right for such a transaction," Chief Executive Olaf Koch told a media conference call.

Metro is Russia's fourth-biggest retailer behind X5 , Magnit and French chain Auchan. Its Russian unit made a quarter of Metro's group operating profit in 2013 with sales of about $5 billion, some 9 percent of Metro's total.

Company and financial sources have said relaunching the initial public share offer - which had been expected to fetch at least 1 billion euros ($1.34 billion)- would depend on developments in Ukraine and the level of the Russian rouble.

$1 = 0.7467 Euros