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Seventh Continent Climbs to Week High as Owner Buys Mosmart

April 1 (Bloomberg) -- OAO Seventh Continent advanced to its highest in a week after Alexander Zanadvorov, the Russian supermarket chain’s owner, bought retailer Mosmart from OAO Sberbank.

The stock climbed as much as 2.4 percent and closed 0.3 percent higher at 261.49 rubles as of 6:45 p.m. in Moscow, its highest since March 25.

Sberbank plans to provide “long-term financing” to companies owned by Zanadvorov as part of a plan to help restructure their debts, according to an e-mailed statement yesterday from the lender. The statement did not give a price. Russia’s largest bank acquired control of Mosmart during the global credit squeeze after the chain failed to repay its loans.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

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

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