Magnit secures more limited stake in rival Dixy 

Retailer Magnit will go ahead with its take-over of its rival Dixy, but must buy fewer outlets to comply with competition regulations, according to a Reuters report. The acquisition was approved by Russia’s competition regulator with the provision that 142 convenience stores be omitted from the deal. In May, Magnit agreed to pay US$1.25bn to acquire Dixy’s 2,651 stores and 5 distribution centres in Moscow, St Petersburg and other regions.