X5 Retail Group’s largest shareholder, Alfa Group has today (7 April) described speculation that it is looking to merge Russia’s largest grocer with an international retailer as being “unfounded”.

There have been reports in recent days that Alfa is looking to merge X5 with either German retailer Metro Group or Turkish chain Migros Ticaret within the next two years.

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However, Alpha Group chairman Mikhail Fridman said: “We have stated many times that Alfa Group is a long-term investor in X5 Retail Group. We see tremendous growth potential for the company and strongly support its focus on development in the still immature and fragmented Russian retail market.

Alpha holds a 47.9% stake in X5 Retail Group.

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