A representative of one of the shareholders in Russian grocery retailer Lenta has confirmed that it has had discussions to sell its stake in the chain to former X5 Retail Group CEO Lev Khasis.
Shareholder Dmitry Kostygin told just-food today (15 April) that he has had discussions with Khasis and, although he said a “formal offer” had not been made, he suggested the former X5 chief had put forward a US$2.4bn offer for the chain.
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The development follows almost a year of animosity between the retailer’s two major shareholders, 30.8% stakeholder Luna and 40% stakeholder Svoboda as the two groups dispute who should be CEO of the company.
It also follows a judgement by the Appeals court in St Petersburg earlier this week which upheld a ruling that said former director general Jan Dunning had illegally registered himself as director general on Russia’s Tax registry.
Kostygin also confimed that Svoboda offered to buy out Luna’s stake for US$800m. A source close to Luna said that it did not turn the offer down, but said it sought proof of financing and wanted the chain to also buy out other minority shareholders, which include the European Bank for Reconstruction and Development (EBRD) who holds an 11% stake.
Luna then suggested the two shareholders participate in an auction for 100% of the retailer, with the starting price at US$2bn.
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By GlobalDataHowever, Svoboda declined to participate in the auction, arguing that it would need to carry out due dilligence before making an offer.
Meanwhile, just-food understands that Luna plans to appeal the most recent order around the legality of Dunning’s appointment.
