By The Moscow Times | Created at 2024-10-29 18:21:20 | Updated at 2024-11-01 22:28:01
1 week ago
French retail giant Auchan is in “the final stage of negotiations” to sell its Russian subsidiary to local buyers after more than 20 years in the country, the business publication La Lettre reported Thursday, citing unnamed sources.
Auchan reportedly narrowed its options to two potential buyers after receiving 10 “unsolicited expressions of interest” over the past two years, according to Le Figaro.
Auchan’s Russian subsidiary dismissed the reports, calling them “rumors” that have circulated for years.
However, if a sale does go through, Auchan would face a 60% discount and be required to pay a 35% fee to the Russian government after officials in Moscow recently tightened exit rules for foreign companies.
Shortly after the full-scale invasion of Ukraine, Auchan said it would maintain its operations in Russia to continue supplying the country and supporting its local workforce, a decision that prompted calls for a boycott from Kyiv.
Auchan, owned by the Mulliez family, employs around 30,000 people and operates 230 stores across Russia.
Last year, Ukraine called Auchan a “full-fledged weapon of Russian aggression” following a media investigation that claimed the company supplied goods to the Russian military.
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