VTB Bank OAO Plans to Lower Tele2 Russia's Stake Below Controlling Within a Year of Purchase-Interfax
Interfax reported that VTB Bank OAO plans to lower its stake in cellular provider Tele2 Russia to below controlling within a year of purchasing it, the Bank's Deputy CEO, Mr. Herbert Moos, told reporters. Within a year of closing the deal the bank plans to reduce the stake in the Company to below controlling, Moos said. Moos said VTB OAO planned from the outset to invest in this company with a view to subsequently selling it. VTB OAO on April 4 closed a deal to buy Tele2 Russia for USD 2.4 billion in cash plus net debt of USD 1.15 billion, valuing Tele2 Russia at USD 3.55 billion.
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