December 15, 2017 / 12:39 PM / 2 years ago

Russia's Magnit halts talks on takeover of two smaller rivals

MOSCOW, Dec 15 (Reuters) - Russian food retailer Magnit said on Friday it had halted talks to buy two smaller retail chains, Krasny Yar and Baton, owned by Siberian company ETK.

Magnit said it had taken the decision because ETK had decided not to sell. ETK has yet to comment.

Magnit and other Russian retailers are looking to Siberia, having all but saturated closer and more populous parts of the country in the past two decades.

Magnit offers low-priced products and is Russia’s biggest food retailer by store numbers and ranks number two by sales, It has around 15,000 stores across Russia. (Reporting by Olga Sichkar, writing by Denis Pinchuk; Editing by Susan Fenton)

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