Lenta founder withdraws from option and sells shares elsewhere

Oleg Zherebtsov, the founder of Russian retailer Lenta, has withdrawn from the call option with Marshall Capital Partners and instead has sold 35.4% of the network to the TPG Capital and VTB Capital fund. The transaction, totalling USD110-115 million, is the first in the Russian retail market since the beginning of the economic crisis, where an owner has sold their stake. Until now, all shareholders were exchanging their debts by creditors against shares. Lenta had been eyed by several foreign retailers. The hottest candidate was Wal-Mart which had twice negotiated with shareholders about a possible acquisition.