Stock market volatility has prompted Russian retail chain Dixy Group to postpone a shareholder meeting to formally approve its takeover over rival Victoria.
The meeting, set for 20 September, was due to be held to rubber stamp Dixy’s acquisition of Victoria, a deal the two companies finalised in June.
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The acquisition has already been approved by Dixy’s majority shareholder Megapolis Trading Company, which owns 54% of the retailer. However, under Russian law, Dixy must give minority shareholders the opportunity to sell their shares at a set price if they do not agree to the takeover.
A spokesman said: “We need to set the price of the shares prior to the meeting, but with all the ups and downs in the market we cannot set the price of the buy-out. We are waiting for stability of the markets and the right time to set these prices. It’s a technical procedure under Russian law.”
