icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
24 Feb, 2009 08:04

Carrefour makes offer on majority Sedmoi Kontinent stake

Carrefour makes offer on majority Sedmoi Kontinent stake

French retailer, Carrefour, has made a bid for the 74.8% stake in Russian retailer Sedmoi Kontinent owned by Aleksandr Zanodvorov, according to a report in Vedomosti.

The move comes as Zanodvorov faces a possible $560 million margin call on a loan from Deutsche Bank, after a number of other groups – including Texas Pacific Group, Baring Vostok Capital Partners, Apax, and Alfa Group – have expressed interest in the Russian retailer. It is believed that the Carrefour offer would enable Zanodvorov to cover the loan.

According to the Vedomosti report Carrefour may make a final offer within the next month. Sedmoi Kontinent shares have jumped sharply on the news.