Russian retail giant X5 Retail Group has declined to comment on reports it may acquire Moscow-based competitor Seventh Continent.

X5 shares were down 1.97% to $16.38 at the close of business in Russia today (23 September) following reports by Kommersant it could potentially acquire the lease rights for 130 stores in Moscow.

Seventh Continent owner Alexander Zanadvorov is reported to have put Seventh Continent up for sale, as well as the right to lease 130 of its 160 stores for 15 years, the publication noted. He is understood to be seeking at least $2.4bn for the chain, which last year recorded sales of around RUR62.86bn (US$1.97bn).

A spokesperson for X5 told just-food the reports in Russian newspapers about a potential deal were “rumour”. The spokesperson added: “X5 Retail Group is not commenting on rumour in the market”.

Seventh Continent did not return a request for comment.

X5 lost the title of Russia’s largest retailer by revenue this year to its rival Magnit. The retailer, which has expanded mainly through acquisitions, saw its earnings climb in the first half of the year, driven by increased sales from new store openings.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.