X5 Retail Group has announced an agreement to acquire an additional 20% stake in Express Retail for $6m (£4m).

Express Retail is a joint venture operating 52 Perekrestok-Express convenience stores around Moscow, and is developing several franchising projects in this segment. The purchase brings X5’s total ownership interest to 60% of Express Retail, with an option to acquire the remaining stake by 2013.

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