Russian retailer X5 Retail Group has tried to cool press reports that a minority shareholder in the company had hired Morgan Stanley to advise on selling its stake.
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According to the reports, minority shareholder Andrei Rogachev has hired Morgan Stanley to advise on the sale of his 21% stake in the retailer, worth around US$800m.
However, a headline in a Reuters bulletin suggesting that X5 had itself engaged Morgan Stanley led to the leading Russian food retailer hastily issuing a clarification.
“Further to the headline that was published by Reuters today, X5 Retail Group states that neither the company, nor its major shareholder, Alfa Group, have hired Morgan Stanley to sell a stake in the company,” X5 said.
The retailer added: “At the same time, X5 Retail Group is not in a position to comment on the decisions or public comments made by its minority shareholders with respect to sale of shares or GDRs in the company.”
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By GlobalData
