Latest update: 07/09/2009 

- retail - Russia


Carrefour negotiate to take over Russian supermarket chain
Carrefour negotiate to take over Russian supermarket chain
French retailing giant Carrefour is negotiating a takeover of Russian supermarket chain Sedmoi Kontinent for $1.25 billion (938 million euros), Russian daily Kommersant reported Tuesday.

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AFP - French retail giant Carrefour is negotiating to buy Russian supermarket chain Sedmoi Kontinent for 1.25 billion dollars (938 million euros), the daily Kommersant reported Tuesday.

The paper, quoting an unnamed senior Western investment banker close to the talks, said Carrefour would formally submit its bid on May 15 under the terms of a preliminary agreement signed in April.

The paper said the French retailer would pay 1.25 billion dollars to acquire 75 percent of Sedmoi Kontinent and 100 percent of Mkapital, the firm managing the real estate holdings of the Russian supermarket chain.

Sedmoi Kontinent, contacted by AFP, declined to comment on the report.

The Russian chain's owner, Alexander Zanadvorov, received a 560 million-dollar loan from Deutsche Bank in November 2007, using a 75-percent stake of Sedmoi Kontinent and a 95-percent stake in Mkapital as collateral.
 

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