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May 6, 2009

FRANCE: Carrefour stays coy over Seventh Continent

French retail giant Carrefour has declined to comment on reports it intends to buy a 75% stake in Russia’s Seventh Continent.

French retail giant Carrefour has declined to comment on reports it intends to buy a 75% stake in Russia’s Seventh Continent.

The retailer has reportedly yesterday (5 May) signed a preliminary memorandum of intent to acquire the Russian business and will make a final offer on 15 May, Reuters reported, citing business daily Kommersant.

It is understood that Carrefour had signed the agreement with the grocery chain’s majority owner Alexander Zanadvorov regarding his stake in Seventh Continent and its real estate assets.

Carrefour however, declined to comment when contacted by just-food today.

Last month the retailer also denied reports it has signed a partnership deal with Indian retailer Reliance Retail. Reports suggested the company had signed a deal, which is expected to be announced over the next few months.

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