The Ministry of Industry and Trade announced IKEA’s plans to reach an agreement with business buyers in the Russian Federation by the end of the year
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The Swedish manufacturer of furniture and household goods and retailer IKEA aims to come to an agreement with the buyer or buyers of the Russian business by the end of the year, said Deputy Prime Minister Denis Manturov, head of the Ministry of Industry and Trade. The transaction will require the decision of the Federal Antimonopoly Service and the consent of the government commission for the control of foreign investment in the Russian Federation.
Mr. Manturov said that IKEA continues negotiations with potential buyers of Russian enterprises. “The owner and potential buyers agreed to ensure the integrity of the entire sale process, including the decision not to disclose the composition of potential buyers. At the same time, IKEA aims to reach an agreement in principle with the buyer or buyers by the end of this year,” said Deputy Prime Minister TASS.
IKEA announced the suspension of business in Russia and Belarus after the outbreak of hostilities in Ukraine. In mid-August, the company announced its intention to sell all four Russian enterprises in the Leningrad, Kirov and Novgorod regions. Interest in IKEA assets confirmed AFK Sistema. Governor of the Novgorod region Andrey Nikitin earlier this week informedthat the deal for the factory in Novgorod is at the final stage. It expects a sale before the end of the first quarter of 2023.
About the sale of IKEA – in the material “b FM” “IKEA has reached the final stage”.
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