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Russia 7th Continent owner rejects TPG bid-source

Fri Feb 1, 2008 8:49am EST

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MOSCOW, Feb 1 (Reuters) - Alexander Zanadvorov, the owner of Moscow largest grocery chain Seventh Continent (SCON.MM), has rejected a bid from U.S.-based investment fund TPG Capital [TPG.UL], a source close to TPG said on Friday.

"The latest information is that Zanadvorov will not sell Seventh Continent. There will be no deal," the source, who asked not to be identified, told Reuters.

TPG signed an agreement of intent to buy control of the chain in September last year from its owners, Pro-Kremlin lawmaker Vladimir Gruzdev and his business partner Zanadvorov.

But in November, Gruzdev sold his stake to Zanadvorov, who consolidated 74.8 percent in the retailer through investment vehicle 7K-Investholding. Media reported Gruzdev's stake could subsequently be sold to TPG.

Seventh Continent had 125 outlets at the end of September last year, comprising 119 supermarkets and six hypermarkets. Seventh Continent was not immediately available for comment. (Reporting by Maria Kiselyova; Editing by Paul Bolding)



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