Arab Today, arab today vtb buys 20in metalloinvest
Last Updated : GMT 18:35:19
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VTB buys 20% in Metalloinvest

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Arab Today, arab today VTB buys 20%  in Metalloinvest

Moscow - Ria Novosti

Russia\'s second largest bank, VTB, bought 20 percent of Metalloinvest, one of the country\'s largest metals producers co-owned by Vasily Anisimov, Vedomosti business daily said on Friday quoting sources close to the deal. Sources told the paper that the deal was to be completed in the first quarter of 2012. Under the deal, VTB is to receive a 20-percent stake as repayment of a $1.5billion loan granted by the bank to Anisimov\'s Coalco Metals company in 2008. Half of Anisimov\'s stake, 10 percent, was pledged to VTB for the loan. Anisimov declined to comment, while sources close to him told Vedomosti that the Metalloinvest co-owner decided to sell his stake long ago to concentrate on development projects in Russia because he had contradictions with Metalloinvest core shareholder Alisher Usmanov. Vedomosti reported this March the country\'s top bank Sberbank might buy Anisimov\'s stake for $2.5 billion but the bank did not participate in the tender to acquire the stake.

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