X5 Retail Group cleared to acquire Express Retail
The Russian Federal Antimonopoly Service has cleared X5 Retail to consolidate a 100% stake in Express Retail, which manages the Perekrestok-Express store chain. X5 Retail Group had applied with the FAS to acquire 60% of shares in Cyprus-registered Retail Express, which owns Express Retail. The acquisition would give X5 a 100% stake in Retail Express.
It was reported earlier that X5 Retail, which owns a 40% interest in Retail Express, signed an agreement on 5 May to acquire an additional 20% of shares for USD6 million. It retained an option to purchase the remaining shares by 2013. Perekrestok Express is one of the first convenience store formats, by Western European standards, in Russia. Having gained the control of Retail Express, X5 is likely to invest in the store development in Moscow and St Petersburg soon.
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