X5 Retail Group today (28 October) confirmed that it has received “unconditional consent” from Russian regulators over its potential acquisition of the Paterson supermarket chain.
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X5, Russia’s largest retailer by sales, said that the approval from the Russian Federal Anti-Monopoly Service was an important pre-requisite to its plans to proceed with more advanced negotiations over the transaction.
Paterson is a privately-owned retail chain of 82 supermarkets located in Moscow, the Moscow region, St Petersburg and other cities in European Russia and Urals.
While X5 has emphasised that it plans to expand its operations organically and through acquisitions, the company emphasised that it has not reached a “definitive decision” on a potential transaction.
“Terms, structure and financing are subject to further negotiations and approval by the company’s supervisory board,” the group said in a statement.
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