Inchcape buys remaining 24.9% of its St Petersburg JV

Inchcape plc, the car retailer, has bought the remaining 24.9% stake in its St Petersburg business from its joint venture partner, Olimp Group, for £27.7 million, using its existing finance facilities.
 
This follows the announcement on 4 October 2007, that Inchcape had acquired a 75.1% shareholding in the retail businesses of OOO Orgtekhstroy (¡±OTS¡±), an Audi retail business in St Petersburg and OOO Concord (¡±Concord¡±), a Peugeot retail business, for a total cash consideration of £19.1m from the Olimp Group. This in turn followed the Group¡¯s initial 75.1% acquisition of Olimp Group¡¯s Toyota/Lexus retail business announced in August 2006 for a cash consideration of £34.5m. Together, these five retail centres sold a combined volume of 8850 new vehicles in 2007.
From: auto industry.uk/news

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