Carrefour looking at acquisitions in Russia

Krasnodar, Russia Carrefour has launched a second Russian store with a pledge to pursue acquisitions in the country, according to Reuters.

The French retailer opened its debut hypermarket in Moscow in June, during Russia's first recession in a decade, and plans to open one more outlet, in the city of Lipetsk, this year.

"For Carrefour, [the] Russian retail market has outstanding long-term potential, said Carrefour Russian director Jacobo Caller. “Despite the crisis, we are not going to change our long-term vision of this country. With Brazil, India and China, Russia is one of the priorities in the long-term expansion of Carrefour.”

Carrefour has long been linked with a takeover bid for Russian grocer Seventh Continent.

Caller didn’t comment when asked about Seventh Continent, but said Carrefour would not limit itself to organic growth in Russia, where it is targeting a top-three market position.

"We are looking for different opportunities in Russia. That includes, of course, the possibility of acquisitions of companies," Caller said. "At the moment, we have no deal on the table. But I insist that mergers and acquisitions are one of the possibilities."

He added that Carrefour would present its strategy for the next three years in Russia in two months' time.

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