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Russia's Sistema denies having bid for Uralsib Bank

Thu Feb 7, 2008 5:21am EST

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MOSCOW, Feb 7 (Reuters) - Russian services conglomerate Sistema (SSAq.L) said on Thursday it had made no offer to buy Uralsib Bank (USBN.RTS), denying an earlier report by the state financial market watchdog.

"We have made no offers to Bank Uralsib. This information is wrong. We are now checking why FSFR said that. We haven't received any instructions," Sistema spokesman Kirill Semenov said.

FSFR, Russia's financial market watchdog, said in a statement on its Web site it had sent Sistema instructions to adjust its obligatory offer to buy the shares in Uralsib in order to comply with the requirements of Russian law.

Under Russian law, an obligatory offer must be made if a company acquires 30 percent or more of another company. But Sistema does not currently own any shares in Uralsib.

Uralsib Bank declined immediate comment and FSFR declined to elaborate beyond its statement. (Reporting by Maria Kiselyova)



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