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. Last Updated: 07/27/2016

Magnit Denies Dixy Merger Talks

Magnit, the country's second-largest food retailer, said it was not in talks with smaller chain Dixy Group about a possible merger or takeover, denying a report in Kommersant published Thursday.

Magnit has not been approached by Dixy, said Oleg Goncharov, a spokesman for Magnit. Kommersant said Dixy was in merger talks with bigger rivals Magnit and X5 Retail Group. The newspaper cited an unidentified Dixy executive.

"There are no chains that are not interesting" for a potential acquisition, Goncharov said in a telephone interview from Krasnodar, where the retailer is based. "It is all about the price. Bankers are making an initial evaluation for us. There are just a few chains that we have not evaluated yet."

X5's spokesman Gennady Frolov could not be reached on his work or mobile phones.

Dixy is the country's fourth-largest supermarket chain by sales. The retailer in May raised $360 million in an initial public offering to fund expansion.