Russia's Pharmacy Chain 36.6 to merge with rival

MOSCOW Thu Nov 28, 2013 6:15am EST

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MOSCOW Nov 28 (Reuters) - Russian drugstore company Pharmacy Chain 36.6 is to merge with rival chain A.V.E. and issue additional shares, in a step to consolidate a fragmented sector, the company said in a statement on Thursday.

Pharmacy Chain 36.6, with a market value of $68 million, said its major shareholders, Artyom Bektemirov and Sergei Krivosheev, reached a deal with the owners of A.V.E. to merge their businesses.

Pharmacy Chain will issue additional shares priced at 22.40 roubles ($0.67) a share for the purpose of the deal. ($1 = 33.1880 Russian roubles) (Reporting by Megan Davies; Editing by Maria Kiselyova)

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