The Metro group has sold its 49 percent in Divaco to the CEO of this holding company, Siegfried Kasten, in a complex management buyout that is actually costing it a total of about €500 million in writeoffs and in a payment for the acquisition of Divaco’s stake in Adler, a German apparel discount chain. Divaco remains the controlling shareholder of Reno, the large shoe retailer in Germany in which Reno retains a 25 percent stake. It controls Vobis, a German chain of computer shops, and other assets. Metro set up Divaco in 1998 together with Deutsche Bank and an insurance company, Gerling, to spin off some of its non-core operations in the specialty retail market and concentrate on cash and carry and department store operations such as Kaufhof.