X5 denies talk of stake sale

St Petersburg: X5 Retail Group, Russia's largest food retailer, has insisted it is not planning to sell a stake in the company. Local reports had suggested shareholders had hired Morgan Stanley to help them sell a 21% stake, attracting the interest of international food retailers. However, in a statement to the stock exchange, X5 Retail said: "Neither the company, nor its major shareholder Alfa Group, have hired Morgan Stanley to sell a stake in the company."