X5 Retail Group has admitted it is looking at acquiring businesses in Russia – but the company refused to be drawn on rumours linking the company to peer Ramstore.
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X5, Russia’s largest retailer, has again been linked to rival group Ramstore, which has some 64 stores in the country.
Investment bank Antanta-Capital has sparked speculation that X5, alongside French retail giant Carrefour, could be interested in buying Ramstore, which is partly-owned by Turkish conglomerate Koc Holding.
However, a spokesman for X5 refused to be drawn on the rumours, although he said the retailer is eyeing potential targets.
“They are just assumptions; we do not comment on such things,” the spokesman said about the Ramstore rumours. “However, we consider M&A to be an important part of our growth strategy to supplement organic growth.”
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By GlobalDataThe X5 spokesman said the retailer would look at a business that had a “high profitability”. He added: “We’re not interested in smaller chains – five or ten stores is a waste of time for us.”
The spokesman said that X5 – formed last year after the merger of the Pyaterochka and Perekrestok chains – “did not exclude” making an acquisition before the end of the year.
Officials at Carrefour in Paris could not be reached for immediate comment.
