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OBI completes sale of business in Russia for €1 - report

According to the report, 40% of shared of these companies will be obtained by the Max group of investment and construction companies, while 60% will be bought by businessman Joseph Liokumovich

© Donat Sorokin/TASS

MOSCOW, July 30. /TASS/. Germany’s OBI signed an agreement with a group of Russian investors on sale of the six companies owning the Russian network of OBI stores, Vedomosti reported Saturday citing two sources close to the deal.

According to the report, 40% of shared of these companies will be obtained by the Max group of investment and construction companies, while 60% will be bought by businessman Joseph Liokumovich. Later, Max may sell some of the shared to "third parties," the newspaper says.

The newspaper’s sources said that the deal’s price was symbolic and stands at €1.

Earlier, Russian Federal Anti-Monopoly Service approved Max’s request to buy OBI’s business in Russia.

On March 8, DPA reported citing the company that OBI shuts down its business in Russia over the events around Ukraine. In April, the media reported that the parent company sold the Russian part of the business to a Russian investor. Starting on April 27, the network started reopening its stores.

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