X5 Retail’s acquisition of Paterson cleared by antitrust
16 October 2009
Russia’s Federal Antimonopoly Service (FAS) plans to clear the takeover of Russian retailer Paterson by X5 Retail Group. While the final decision on the deal has yet to be taken, FAS’ Director Igor Artemyev said the service would approve the transaction on the condition that X5 Retail vows to sell Paterson’s stores in St Petersburg “within some reasonable timeframe, maybe six months” in order to avoid enhancing its dominant position in the market. Artemyev added that the FAS is not going to impede X5 Retail’s development in other regions and the decision will be taken soon.
X5 Retail Group owns major Russian retail chains Pyaterochka, Perekrestok, and Karusel, also known as Carousel.