Report: Sberbank in talks to buy retailer O'Key – sources

MOSCOW, Apr 11 (PRIME) -- Russia’s largest lender Sberbank is in talks to buy mid-sized food retailer O’Key, Reuters reported Thursday citing six industry sources.

The talks follow a decline in the shares of many Russian food retailers over the past year and expectations of upcoming consolidation due to tougher sector regulation and a fall in Russians’ disposable incomes.

If Sberbank agrees to buy O’Key, it may then sell it on to another investor, said one of the industry sources and a source, close to Sberbank’s top management. They did not disclose the name of the potential investor.

Sberbank declined to comment. O’Key did not reply to a Reuters request for comment.

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