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VTB Group sells 12.88% in Magnit to Marathon Group

MOSCOW, Nov 19 (PRIME) -- A unit of RussiaТs VTB Group plans to sell off its 17.28% stake in grocery retailer Magnit, of which 12.88% will be sold to Marathon Group, VTB said in a statement late on Thursday.

УVTB Group announces its intention to sell off around 17.28% of MagnitТs common shares. Up to 4.40% of the companyТs shares can be offered for sale under the accelerated book building procedure that is to be launched immediately after the statement is published,Ф it said.

УThe remaining 12.88% of the shares are to be sold to Marathon Group at a price defined during the offering,Ф it added.

According to VTB, Marathon GroupТs stake will thus increase to 29.75%, and the company will become MagnitТs largest shareholder.

MagnitТs shares fell 6.6% as of 8:08 p.m. Moscow time on Thursday following the news.

End

19.11.2021 08:46
 
 
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