:. Food Industry News

Categories: Mergers and Acquisitions

Russia X5 to Fight Karusel Takeover Conditions

Source: Reuters
24/07/2008

Moscow, July 23 - Russian retail group X5 said on Wednesday it will ask Moscow's Arbitration Court to overturn conditions imposed by the Federal Anti-monopoly Service when it acquired a rival chain.

Daily News Alerts

The anti-monopoly service approved the takeover of St Petersburg's Karusel chain on condition that X5 revealed details of its relationships with suppliers in the city.

X5 said it initially complied with the requirement, then decided it breached antitrust legislation and opted to return to court.

"The requirements... limit the company's ability to choose counterparties and may unwittingly put the company in an unequal position versus other companies working in the St. Petersburg food retail market," X5 said in a statement.

X5, controlled by Russian billionaire Mikhail Fridman's Alfa Group, has a market share of 35 percent in St. Petersburg, including the local Karusel chain, which X5 acquired for $940 million in May.



GO   View more articles on this subject


More Alerts from 24/07/2008


Email This Article To A Colleague     Print A Copy Of This Page
 
 
 
 
FLEXNEWS - Business News for the Food Industry

About Us | Contact Us | Terms & Conditions | Privacy Policy
 
Daily News Alerts
Related Items
Russia's X5 Retail Group Q3 Net Loss $14.7 Mln
Russian Retailer X5 Gets $255 Mln State Loan
Russian Retailer Dixy Prices New Share Issue
Russia Magnit Gets $91 Mln Credit Line, Seeks More
Russia Retailer Dixy Revenue Up, Drops Listing Plan
Russian Retailers Seek 50 Bln Roubles in Loans
Russian Retailer X5 Cuts 30 pct Managerial Staff
Russia's X5 Retail Group Q3 LFL sales up 21 pct
Russian Retailer Magnit 9-mth Sales Rise 51 pct
X5 Retail Group Financial Results For The First Half...

More in Food Industry News
FDA Reports Significant Progress in Protecting the...
Colruyt Issues Interim Financial Report; Revenues Rise...
UK: Bidders Circle Troubled Woolworths
UK: Confectionery Firm Zetar Could Lose 3% of Turnover...
Ardo Confirms Take-Over of Austria Frost
Carrefour Still Planning Indian Joint Ventures
First Burger King Restaurant Opens in Czech Republic
Hong Kong Sets Maximum Standards for Melamine in Food
Drought Sends Saffron Price Skyrocketing
Thai Govt to Sell 1.37 Million Tonnes Rice Stocks

Top Headlines
FDA Reports Significant Progress in Protecting the...
Colruyt Issues Interim Financial Report; Revenues Rise...
UK: Bidders Circle Troubled Woolworths
UK: Confectionery Firm Zetar Could Lose 3% of Turnover...
Ardo Confirms Take-Over of Austria Frost
Oil-and-Fat Composition for Spray, and Method for Production...
Carrefour Still Planning Indian Joint Ventures
Hong Kong Sets Maximum Standards for Melamine in Food
Drought Sends Saffron Price Skyrocketing
Thai Govt to Sell 1.37 Million Tonnes Rice Stocks
Aryzta Q1 Revenue up 32 pct
China Lifts Price Controls on Food -NDRC
SABMiller Looks for Growth in India's Beer Market
Massachusetts Firm Recalls Ready-To-Eat Frozen Beef...
Singapore Food's Majority Shareholder in Talks to Sell...
Coke's Europe Chief Sees Slower Growth Amid Crisis
FDA Defends U.S. Infant Formula; Sets Safe Level
Russia's X5 Retail Group Q3 Net Loss $14.7 Mln
Canada: Health Authorities Say Milk Formula Safe Despite...
Taste Potentiator Compositions in Oral Delivery Systems
Enzyme Preparations Yielding a Clean Taste
T1R1 Receptor Binding Assays for Identification of...


 


FLEXNEWS 2008 - All rights reserved
ISSN 1950-6228