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Russian tycoons vie for 1 pct Polyus stake -paper

Wed Mar 26, 2008 2:33am EDT

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MOSCOW, March 26 (Reuters) - Russian billionaires Vladimir Potanin and Mikhail Prokhorov both want to buy the 1 percent stake in Polyus Gold (PLZL.MM) being sold by metals giant Norilsk Nickel (GMKN.MM), a newspaper reported on Wednesday.

Vedomosti business daily quoted sources close to the two businessmen as saying that Potanin and Prokhorov, who each own large stakes in Polyus and Norilsk, had filed separate bids for the stake with UBS bank, which completed taking bids on Tuesday.

Polyus shares closed at 1,223 roubles ($51.60) on Tuesday, which brings the cost of the stake being sold to around $98 million.

Potanin and Prokhorov, who currently each own about 30 percent of Polyus, are engaged in the complicated process of dividing their assets, and both are interested in strengthening their positions in Russia's top gold miner. (Reporting by Tanya Mosolova, editing by Will Waterman)



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