OAO Magnit is planning to acquire the rest of the stock in its subsidiary Tandem by the end of the year, according to its CEO Sergei Galitsky who was quoted in local press today (13 June).
Newspaper Vedomosti speculated that the Russian discount grocery chain, which currently owns 51% of Tandem, would pay US$35 million to $40m for the remaining equity.
Magnit formed the company at the start of 2006 with local businessmen in exchange for rental agreements on 22 properties.
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