Russia’s Federal Anti-Monopoly Service has given the green light to X5’s proposed acquisition of the Karusel hypermarket chain.
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The acquisition, which is still subject to satisfactory completion of due diligence, will substantially increase X5’s market share in St. Petersburg, X5 said.
The FAS has attached a number of conditions, including “fair, transparent and non-discriminatory dealings with suppliers” and the development, publication and approval by the FAS of rules relating to X5’s dealings with suppliers in St. Petersburg.
The FSA ruling does not require X5 to dispose of any part of its or Karusel’s business.
“We welcome the FAS’ efforts to establish transparent rules for the players in the St. Petersburg food retail market and to promote fair and non-discriminatory relations between retailers and suppliers, which is in line with the company’s business approach,” Lev Khasis, X5 CEO, said.
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By GlobalData“We believe that the measures proposed by the FAS are ultimately in the interest of consumers, and, in line with the new rules, the company intends to continue improving its relationships with suppliers with the aim of sharing the obtained benefits with its customers,” Khasis concluded.
