Wal-Mart has refused to be drawn on reports in Russia that the company is again looking to buy a stake in local retailer Lenta.
A report in Russian business daily Vedomosti claimed that Wal-Mart is holding discussions with TPG Capital, which holds a 25% stake in Lenta.
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A unnamed banking source told the newspaper that Wal-Mart and TPG have already reached a preliminary agreement on the stake and are discussing the details of the transaction.
Rumours about Wal-Mart’s ambitions for Russia have rumbled on over the last couple of years but the world’s largest retailer is to yet make a significant investment in the market, aside from a local office.
A spokesperson at Wal-Mart’s global HQ in Bentonville refused to comment directly on the rumoured link to Lenta but said the company is looking at ways to enter the market.
“We don’t comment on rumours and speculation but we believe that the Russian market offers significant investment opportunities, and our Moscow office and organisations remain in place to continue their work in identifying the appropriate means to enter the market,” the spokesperson said.
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By GlobalDataOfficials at Lenta declined to comment when contacted by just-food.
