X5 Retail Group was given unconditional consent from the FAS about Paterson acquire
X5 Retail Group N.V., Russia's largest retailer in terms of sales (LSE ticker: “FIVE”), today announced that it has received an unconditional consent from the Russian Federal Anti-Monopoly Service with regard to a potential transaction to acquire Paterson supermarket chain. This regulatory approval was an important prerequisite to proceeding with more advanced negotiations between the parties.
Paterson is a privately-owned retail chain of 82 supermarkets located in Moscow, the Moscow region, St. Petersburg and other cities of European Russia and Urals. X5 has made no definitive decision on a potential transaction. Terms, structure and financing are subject to further negotiations and approval by the Company’s Supervisory Board. We will continue to provide updates on material developments in line with the Company's policy.
X5 Retail Group N.V. is Russia's largest retailer in terms of sales. The Company was created as a result of a merger between Pyaterochka (soft discounter chain) and Perekrestok (supermarket chain) on 18 May 2006. In June 2008, X5 acquired Karusel hypermarket chain and substantially strengthened its position in hypermarket format.
As at 30 September 2009, X5 had 1,217 Company-managed stores located in Moscow, St. Petersburg and other regions of European Russia, Urals and Ukraine, including 952 soft discount stores, 210 supermarkets and 55 hypermarkets.
As at 30 September 2009, X5’s franchisees operated 586 stores across Russia.
For the full year 2008, X5’s net sales including acquired Karusel business on a pro-forma basis totaled USD 8,892 mln, EBITDA reached USD 803 mln, and net profit adjusted for non-cash goodwill impairment charge amounted to USD 112 mln.
For the first half 2009 X5’s net sales totaled USD 3,978 mln, EBITDA reached USD 347 mln, and net profit amounted to USD 48 mln. For the nine months 2009, net retail sales totaled USD 6,053 mln.
X5 Shareholder structure is as follows: Alfa Group – 47.9%, founders of Pyaterochka – 23.1%, X5 Management – 1.9%, treasury shares – 0.1%, free float – 27.0%.
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