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French retailer buys supermarkets in Russia

Turkish company Enka is selling its 14 Ramstor hypermarkets to French retailer Aushan.

The deal means that Aushan, which has 17 hypermarkets in Russia, will double its retail presence in the country.

The terms of the deal have not been disclosed, but experts value it at about $US 600 million.

Auchan clinched the deal ahead of a number of retailers, including X5, Wal-Mart and Tesco.

Enka still has 43 supermarkets, which are expected to be sold soon.

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