MOSCOW, June 4 (Reuters) - Russia’s largest food retailer X5 is considering M&A options in Siberia and the Altai region, but has no plans for major acquisitions, the TASS news agency cited Chief Executive Igor Shekhterman as saying on Friday.
“We are constantly monitoring the market, looking at various deals and 10-15% of our development comes from regional M&A,” Shekhterman said.
“We are not planning big M&A deals for now, but we are looking at interesting regional chains that exist today in Siberia, in Altai, and part of our development will come from their partial absorption.”
Russia’s retail market sprung into life last month with two major acquisitions in the space of two days.
Magnit agreed to acquire 100% of shares in the Dixy retail chain for around $1.25 billion, closing the gap on market leader X5, before smaller player Lenta agreed a 215-million-euro ($260.5 million) deal for the supermarket business of Billa Russia, in an effort to boost its presence in Moscow.
“If we talk about the influence of recent major M&A deals on X5, then at the moment we don’t see much of an impact because Dixy and Billa shops are already located near us, where we successfully compete with them,” Shekhterman said. ($1 = 0.8255 euros) (Reporting by Alexander Marrow. Editing by Jane Merriman)