Russian Usmanov selling Mt Gibson stake-sources

SYDNEY, April 3 (Reuters) - Russian billionaire Alisher Usmanov is looking to sell a 19.5 percent stake in Australian miner Mt Gibson Iron Ore Ltd (MGX.AX: Quote, Profile, Research, Stock Buzz) in a deal worth up to A$459 million ($421 million), two fund managers who bid for the shares told Reuters on Thursday.

Mt Gibson shares were placed on a trading halt earlier pending an announcement about a transaction in its shares.

Earlier this week, the Australian securities regulator had blocked Chinese steel maker Shougang from acquiring the stake from Gazmetall, a steel firm owned by Usmanov.

Merrill Lynch (MER.N: Quote, Profile, Research, Stock Buzz) is the sole book runner for the deal. The shares are being offered in range of A$2.60-A$2.93 each, the two fund managers said. Mt Gibson shares last traded at A$2.93. ($1=A$1.09) (Reporting by Denny Thomas)