Seventh Continent Owner Plans to Take 100% Stake, Vedomosti Says

Oct. 13 (Bloomberg) -- OAO Seventh Continent owner Alexander Zanadvorov agreed to buy a 21.3 percent stake from Russian lawmaker Vladimir Gruzdev’s family fund for about $400 million, Vedomosti said, citing an unidentified person close to the fund.

Zanadvorov, who will hold 96 percent of the Russian food retailer after the deal, may then boost his stake to 100 percent by buying shares from minority shareholders, the newspaper said.

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To contact the reporter on this story: Anastasia Ustinova in St. Petersburg at austinova@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez in Prague jagomez@bloomberg.net