Reuters talks to portfolio managers and strategists to find what's on the horizon. Learn how to position your portfolio in the year ahead. Full Coverage
Russia X5 hires Morgan Stanley for stake sale
ST PETERSBURG, Russia (Reuters) - Shareholders of X5 Retail Group (PJPq.L), Russia's largest food retailer by revenue, have hired Morgan Stanley to help them sell their 21 percent stake, a shareholder said on Wednesday.
"The money will go towards a new project (Terraon), for the financing of its beginning stage," Andrei Rogachev told Reuters.
He did not give details on prospective buyers of the X5 stake, but said major international retail groups could participate in the sale, the date of which is unkonwn.
Terraon, founded by Rogachev, will be a financial company that he expects will gather $5 billion worth of orders over the next 1-2 years.
Earlier this year X5 said its 2007 sales amounted to $5.284 billion, 53 percent up on the year before.
This year's full-year net sales is expected to increase by 36-38 percent.
(Reporting by Denis Pinchuk, writing by Amie Ferris-Rotman)
