Russian retailer Kopeika is in talks with two potential buyers while also eyeing a possible IPO, according to reports.

It is understood the firm, which has valued itself at between US$1.6bn and $1.8bn, is holding talks with rivals willing to buy its entire business, Reuters wrote today (30 June).

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Russian grocer X5 Retail Group is believed to be one company Kopeika is in talks with after talks with grocery chain Magnit failed over price.

Kopeika is owned by Nikolai Tsvetkov, the beneficial owner of the Uralsib bank

Wal-Mart has previously been linked to the possible acquisition of a number of Russian retailers, including Kopeika. However, no deal has been forthcoming.

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