Businessman Artur Pakhomov, a recently emerged bidder for insolvent German retail chain Karstadt, wants to expand it in Russia and former Soviet states should his bid succeed, his company said Tuesday.
Karstadt, the department store chain of German retail and tourism group Arcandor, which collapsed last year, is nearing a sale as a committee of its creditors plans to pick an investor by June 9.
Karotex, Pakhomov's holding company, has submitted an offer in a consortium with an international bank and a pool of private investors, Karotex said in a statement, competing against Goldman Sachs-led group Highstreet, buyout firm Triton and billionaire Nicolas Berggruen.
"In case this deal takes place, the consolidated group intends to actively develop business in Russia [and other] former Soviet Union states," Karotex said, adding that it would also consider expansion in the Arab and Asian markets.
Germany's Der Spiegel magazine reported on Saturday that Pakhomov had made an offer in the mid double-digit million-euro range to buy the entirety of Karstadt.
Pakhomov declined to comment on the sum involved and did not identify the bank participating in the bid.
A German court on Monday postponed its ruling on the insolvency plan of Karstadt to June 10 after the committee of Karstadt's creditors said it needed more time to assess bids.