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Food: Russia's Magnit may buy units of Croatia's Agrokor

According to Finance, Russian group is a potential buyer

20 March, 19:26
(ANSA) - LJUBLJANA - The difficult situation of Agrokor, Croatian giant in the agri-food sector that is facing a financial crisis, might be resolved thanks to Magnit, Russian supermarket chain, which is a potential buyer, according to the online edition of Finance today. The Slovenian economic newspaper, analyzing the scenarios with regard to the current crisis, argues that Sberbank, the Russian bank which is in a very exposed situation with respect to Agrokor and has recently given 300 million to pay suppliers and employees, would like to enter the board of directors to oust Agrokor's owner, Ivica Todori. However, Sberbank is only interested in the financial side of the operation, and not in the commercial network, which could just end up in the hands of the Russian giant in the large-scale food distribution sector, according to Finance. Magnit, which has a market capitalization of 21bn euros, covers more than 70% of the Russian market with 14,000 stores and employs more than 270,000 people.

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