Russia’s anti-monopoly watchdog gave approval in principle to X5 Retail Group NV, the country’s second-largest retailer, to buy the Spar Retail chain.
The Federal Anti-Monopoly Service granted X5 permission to seek to purchase AO Spar Retail, according to the watchdog’s website statement. Spar Retail operates 27 stores in Moscow, Vladimir, Ivanovo and Tver regions, the company said on its website.
“We will consider opportunities to buy that will increase the business’s value,” Vladimir Rusanov, a spokesman for X5, said in an e-mail on Friday. “We’ve applied to FAS to understand the department’s position. If, consequently, we decide on the deal we will announce it separately.”
X5 Retail Group plans to increase its market share this year as weaker retailers are exiting the industry amid economic challenges, CEO Stephan DuCharme said in an earnings statement published on March 19.
News by Bloomberg, edited by ESM
