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Russia's VTB Says Considering Buying More Magnit Shares: Ifax

Published on Dec 20 2019 8:39 AM in Retail tagged: Russia / Magnit / World News / VTB

Russia's VTB Says Considering Buying More Magnit Shares: Ifax

Russia's second-largest lender VTB Bank said it is seriously considering buying more shares in food retailer Magnit, the Interfax news agency on Friday cited VTB's First Deputy CEO Yuri Soloviev as saying.

"Regarding Magnit, we remain confident in our investment, and we believe that the company is highly undervalued," Soloviev told Interfax.

In October, Magnit posted a 0.7% like-for-like sales decline in the third quarter of the year, due to lower traffic numbers.

However, like-for-like average basket sizes were 2.8% higher in the period.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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