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Russia's Magnit stops negotiations to buy Siberian retailer ETK

Russian retail giant PJSC Magnit said Dec. 15 that it has stopped negotiations to buy 100% of the charter capital of Siberian retailer ETK LLC.

ETK, which owns the Krasniy Yar and Baton retail chains, has decided to "continue their independent expansion," Magnit said.

Magnit said Oct. 18 that it had submitted a request to Russia's Federal Antimonopoly Service seeking permission to buy ETK.