Report: Russsian grocers merge to deter Wal-Mart

New York City -- Two of Russia's largest grocery store chains, Pyaterochka and Kopeika, said on Monday that they would merge their operations in a move that would better position them to compete with Wal-Mart Stores, which is expected to enter the Russian market, according to the New York Times.

The deal, worth about $1.7 billion including the assumption of debt, was also a sign of renewed confidence in the Russian consumer market, which has been picking up because of rising prices for oil and other commodities that Russia exports, the report said.

Recommended stories

Login or Register to post a comment.