International car retail group Inchcape plc has announced that
it has bought a controlling stake in top ten Russian retailer, Musa
Motors.
Its 75.1 per cent stake in Musa cost Inchcape an initial $200m
(£100.3m), with a potential additional consideration based on
Musa’s performance in 2008. Musa concentrates its activities on the
premium segment, operating 16 franchised retail centres in and
around Moscow for BMW, MINI, Jaguar, Land Rover, Volvo, Chrysler,
Jeep, Dodge, Rolls-Royce and Renault, with a Rolls-Royce showroom
in St Petersburg.
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Inchcape already has a foothold in Russia thanks to its JV with
the Independence Group of Companies to sell Toyota
vehicles.
Inchcape’s group chief executive, André Lacroix commented: “The
transaction, which is in-line with our strategy of expansion in
emerging markets, together with our existing businesses in St
Petersburg, provides us with a strong springboard for regional
roll-out in Russia. We will leverage our strong local management
and market understanding, our global OEM relationships and our
unique global retail model.
“The group retains significant capacity to make further
acquisitions in international markets.”
Motor Finance Issue: 43 – May 08
by Jo Tacon ,
Published for the web: May 27 08 9:57
Last Updated: May 27 08 9:59
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