X5 Retail Group NV, the food retailer owned by Russian billionaire Mikhail Fridman, fell to the lowest in more than two weeks after Kommersant reported it may acquire Moscow-based competitor OAO Seventh Continent.
OAO Seventh Continent owner Alexander Zanadvorov agreed to buy a 21.3 percent stake from Russian lawmaker Vladimir Gruzdev’s family fund for about $400 million, Vedomosti said, citing an unidentified person close to the fund.
Alexander Zanadvorov, owner of Russian supermarket chain OAO Seventh Continent, agreed to buy 100 percent of smaller operator Mosmart and its property assets from Sberbank Capital, Kommersant reported.
Seventh Continent, a Moscow-based food retailer, will get a $650 million credit line from Alfa Bank after majority owner Alexander Zanadvorov restructured a $560 million personal debt to a group of banks, Kommersant reported, citing unidentified people familiar with the matter.
Billionaire Mikhail Prokhorov’s MFK Bank bought most of the $560 million of debt that Russian food retailer OAO Seventh Continent’s owner owed banks including Natixis SA, Kommersant reported, citing MFK. MFK now has 50 percent of Alexander Zanadvorov’s 74.8 percent stake in Seventh Continent as collateral for the debt, the Moscow-based newspaper reported today.