RUSSIA: X5 postpones US$1bn share offering
X5 Retail Group, Russia's largest retailer by sales, has decided to postpone plans for a secondary share offering.
Lev Khasis, the company's CEO, said there was "no compelling reason" for the retailer to embark on the share sale, which was set to raise US$1bn.
Khasis said: "The strong dynamics in EBITDA and net income growth gives additional confidence in the group's ability to fund organic growth and potential M&As without resorting to a secondary offering in a near term future."
X5 also named the second independent director on the company's board. Retail veteran Carlos Criado-Perez has joined the X5 board.
Criado-Perez is executive president of Spanish retail chain Dinosol Supermercados and has previously been CEO of UK supermarket chain Safeway before it was bought by Morrisons. Criado-Perez was also chief operating officer of Wal-Mart International from 1998 to 1999.
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Retail giant Metro Group closed 2007 with an 8.8% rise in underlying profits, thanks to rising sales at home and abroad....
US retail giant Wal-Mart is to make Japanese subsidiary Seiyu a wholly-owned unit, reports suggested today (18 March), as the company seeks to turn around the long-unprofitable supermarket chain....
Morrisons chief executive Marc Bolland has spoken of his reluctance for the UK grocer to move into online retailing....
Morrisons, the UK's fourth-largest grocer, has seen its annual profits almost double in a year in which the company gained ground on its rivals....
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....
Chilean grocer D&S has dismissed reports that it has held talks with Wal-Mart over a possible sale to the US retail giant....
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