Lenta founder continues plan to sell company stake

Lenta hypermarket chain founder Oleg Zherebtsov is the only one of the chain’s 14 stakeholders who hasn't abandoned attempts to sell his stake in the Russian company (around 35%). In spring of 2008, 13 of Lenta's stakeholders (with the exception of EBRD, owning 11%) put 89% of the company up for sale. This represented a compromise by the chief stakeholders - Oleg Zherebtsov and Avgust Meier (around 36%) - after a corporate conflict in late 2007. The conflict was caused by disagreement over business growth plans for Lenta. Steven Ogden, Lenta's Chairman of the Board, has stated that 13 of the company's stakeholders are no longer looking to sell their stakes; they are hoping that the retail sector will remain attractive for investors during the crisis. According to Ogden, five private funds are interested in buying Zherebtsov's stake and they are now auditing the company. Zherebtsov hopes to close the deal by mid-2009.

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