X5 Retail Group, Russia’s largest retailer by sales, today (13 August) confirmed that it is interested in buying Moscow-based chain Ostrov.
A spokesperson for X5 said the company has submitted an application to buy Ostrov with FAS, Russia’s competition watchdog.
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However, the spokesperson said the filing was just an indication of X5’s interest, rather than a sign that a deal was finalised.
“We have filed a statement with FAS but it does not mean we are committed to buying Ostrov,” the spokesperson told just-food.
Last month, X5 made a submission to FAS to buy discount chain Kopeika. The spokesperson said there had been “no major advance” in that particular prospective deal.
X5, which generated sales of RUB275.18bn (US$9.01bn) in 2009, is looking to expand through acquisition as Russia’s retail sector develops, the spokesperson explained.
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By GlobalData“In general, X5 has a growth policy because the Russian market is growing, so the possible acquisition of Ostrov is no surprise,” the spokesperson added.
