Bloomberg News

X5 Jumps Most in Two Weeks on Wal-Mart Karusel Deal Report

February 15, 2012

Feb. 15 (Bloomberg) -- X5 Retail Group NV jumped the most in two weeks after a newspaper reported that Wal-Mart Stores Inc. may acquire the Russian retailer’s hypermarket chain Karusel to enter the local market.

X5 surged as much as 5.4 percent to $26.41, its biggest intraday gain since Feb. 1, and traded up 0.5 percent at $25.20 as of 3:40 p.m. in London.

X5, based in the Russian capital, may get as much as $2 billion for Karusel and announce the decision a few weeks after a board meeting that’s scheduled for tomorrow, Delovoy Peterburg reported, citing unidentified people familiar with the matter.

Svetlana Vitkovskaya, an X5 spokeswoman in Moscow, denied that the company is in talks with Wal-Mart, though she confirmed the board will meet tomorrow, without elaborating.

--Editors: Alex Nicholson, Peter Branton

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus