Tuesday, February 19, 2008
Inchcape confirms Russian takeover talks
Inchape, the UK’s second biggest car dealer group, has confirmed it is in negotiations to expand its Russian business.
In a statement to the stock exchange, the group said it was in“early stage exclusive discussions” regarding the possible acquisition of Musa Motors.
The Russian business is an automotive retailer based in the Moscow region.
The transaction, if concluded, is expected to be funded by existing debt facilities.
Inchcape has been quick to gain a foothold in the burgeoning Russian new car market.
In October last year it bought a 75 per cent stake in two Peugeot and Audi dealerships from its Russian joint venture partner Olimp Group for $43m (£21.6m).
The retailer also runs one Toyota and one Lexus dealership in St. Petersburg.
DATED: 19.02.08
FEED: MT
