German OBI consolidates business in Russia

German OBI consolidates business in Russia
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OBI, German company producing home improvement goods, has consolidated its business in Russia – entrepreneur Igor Sosin sold his 49% of shares in the joint venture, Kommersant reports.

“This share costs approximately 10 bln roubles, the experts assess. Last year, OBI hadn’t been developing in Russia as quickly, as the retailer expected: only one shop was opened instead of planned five or six”, - says the article.

According to the newspaper, OBI GmbH acquired 24,5% of the retailer. Transferring of this share package is a part of the buy-out transaction of 49% of authorized capital of “Do-It-Yourself” LLC.

Now OBI GmbH holds 75,5% of of “Do-It-Yourself” shares, and OBI Holding — 24,5%.

However, when executing the transaction, the order and time of the application submission have been infringed, as a result of what the Federal Antimonopoly Service initiated an administrative case against OBI GmbH.