Germany's new electronics king has Amazon in his sights

Frankfurt

THE creation of Europe's largest free-standing consumer electronics retailer is set to prompt a wave of mergers and acquisitions as the company seeks to keep Amazon.com Inc at bay.

The parent of Germany's MediaMarkt and Saturn, which began trading on Thursday under a separate listing from former parent Metro AG, is vowing to play a proactive role in cementing the company's No 1 position in a European business roiled by the rise of e-commerce.

"We want to lead the European consolidation in this industry," Pieter Haas, chief executive officer of the newly-formed Ceconomy AG, said in an interview in London.

When consumers opted for the convenience - and often lower prices - of buying refrigerators, toasters and music online, US chains such as Borders Group and Circuit City fell by the wayside, leaving Best Buy Co and Walmart Stores Inc to battle it out with Amazon. In some European markets, electronics retailers have sought size to increas…