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Seventh Continent Sinks Most Since 2009 After Buyback Reports

OAO Seventh Continent (SCON), a Russian food retailer, dropped the most in almost three years after Kommersant reported the company may offer to buy out minority shareholders at a price below market levels.

The shares lost 14 percent to 129.85 rubles at the 6:45 p.m. close in Moscow, the biggest daily decline since May 2009. Owner Alexander Zanadvorov may offer as little as 100 rubles per share today as he seeks to delist the company, the Russian newspaper said before markets opened this morning, citing unidentified people.

To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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