Leroy Merlin wants to give up control in Russia

On 24 March, Adeo announced an intention to “cede control” of 113 Russian Leroy Merlin stores. However, the holding company wants to “keep its hand” in the poker game. The idea is not to sell the brand (as McDonald’s sold to an oligarch), but to lose as few assets as possible without being expropriated. Several scenarios are envisaged. These include sale of a part of the capital (more than 51%) or even a management buy-out (M.B.O.). In Russia, however, any sale of a business by a Western...