Carrefour signs preliminary agreement to acquire Sedmoi Kontinent
French retailer Carrefour has signed a preliminary agreement stating its intention to buy 75% of Russian grocer Sedmoi Kontinent, the Russian press reported. The agreement includes 95% of the company that owns the real estate used by Sedmoi Konitinent and will give the French retailer a period to negotiate exclusively with owner Alexander Zanadvorov. The local press reported that Carrefour must make a definitive bid on 15 May. Carrefour has already made a USD1.25 million (less debt) which was rejected by Sedmoi Kontinent’s minority shareholders.
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