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

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.