X5 Retail Group has denied reports that it has entered into talks with Tesco, Wal-Mart and Carrefour over the possible sale of a stake in Russia’s largest retailer.
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X5, which operates the Pyaterochka and Perekryostok chains, is controlled by the Alfa Group. According to a report in Russian daily Kommersant, which cited a high-level manager at X5, negotiations have been underway with “major international retail chains”. However, the report suggested, a deal would be unlikely before 2008 when X5 plans to exercise an option to buy hypermarket chain Karousel.
Commenting on the report, Lev Khasis, Group CEO of X5, said such rumours were “groundless”. “The company and its major shareholders do not intend to sell its business in a medium term perspective and are focused on the realisation of a five-year strategy of the group’s development on the Russian market,” he said.
“We do not exclude however potential partnerships with these chains in various areas of mutual interest, but these projects have nothing to do with exiting the business by its key shareholders,” Khasis added.
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