RUSSIA: X5 clarifies position after stake sale reports
Russian retailer X5 Retail Group has tried to cool press reports that a minority shareholder in the company had hired Morgan Stanley to advise on selling its stake.
According to the reports, minority shareholder Andrei Rogachev has hired Morgan Stanley to advise on the sale of his 21% stake in the retailer, worth around US$800m.
However, a headline in a Reuters bulletin suggesting that X5 had itself engaged Morgan Stanley led to the leading Russian food retailer hastily issuing a clarification.
"Further to the headline that was published by Reuters today, X5 Retail Group states that neither the company, nor its major shareholder, Alfa Group, have hired Morgan Stanley to sell a stake in the company," X5 said.
The retailer added: "At the same time, X5 Retail Group is not in a position to comment on the decisions or public comments made by its minority shareholders with respect to sale of shares or GDRs in the company."
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