Detsky Mir block cancelled as court freezes Sistema assets

Sistema, the Russian conglomerate controlled by Vladimir Yevtushenkov, has been forced to cancel the $70m sale of Detsky Mir shares it conducted on Monday night, after some of its assets, including its stake in the toy store, were frozen by an arbitration court in the Republic of Bashkortostan.

  • By Aidan Gregory, Jon Hay
  • 14 Dec 2017

Credit Suisse and Morgan Stanley had led the transaction on Monday night. Sistema sold a 5% stake in Detsky Mir, while the Russia-China Investment Fund also sold a 1.3% stake.

"We had done a lot of due diligence beforehand, and asked all the right questions," said a banker involved ...

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