M.Video, the largest home electronics retailer in Russia, has sought permission from the country's anti-monopoly regulator for its proposed acquisition of its competitor Eldorado. This was reported by the financial daily Kommersant last Thursday.
The newspaper quoted an anonymous source with the application of the top retailer with Russian regulator FAS. The company was quoted in documents that it would be purchasing Eldorado full lock stock and barrel or 100%.
The merger would build a far bigger competitor against Media-Saturn, which has 45 Russian stores and has been in the market since 2006. Media-Saturn is owned by Metro, the German retailing giant.
M.Video was in discussion with Eldorado since 2011, declined to make any comment on the newspaper report. What it did say though was that M.Video was considering various market opportunities for sale or consolidation.
Eldorado's owner, PPF had declined to comment. PPF is owned by Czech tycoon Petr Kellner. FAS was unavailable for comment.
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