BREAKING NEWS

Owner of Russia's largest car dealership considering sale

Owner of Russia's largest car dealership considering sale
FILE PHOTO: Customers speak to sales manager next to Lexus cars at Rolf, an automotive dealer in Moscow, Russia April 12, 2019. REUTERS/Maxim Shemetov -
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MAXIM SHEMETOV(Reuters)
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MOSCOW (Reuters) – The controlling shareholder of Rolf, Russia’s largest car dealership, said on Thursday it was exploring options for selling the firm.

A spokeswoman for Delance Limited, which is Cyprus-based and controlled by the family of Rolf’s founder, said it had considered selling Rolf over the last few years and that there had always been interest from potential buyers.

She added that the firm planned to sell its stake in Rolf to a single buyer.

Founded in 1991, Rolf has dominated the car dealership market in Russia since the collapse of the Soviet Union.

In September Russian authorities issued an international arrest warrant for Sergey Petrov, Rolf’s founder, over alleged illegal money transfers.

(Reporting by Gleb Stolyarov; Writing by Gabrielle Tétrault-Farber)

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