December 29, 2012 / 2:06 PM / in 5 years

Russia's Metalloinvest acquires 24 pct of shares

MOSCOW, Dec 29 (Reuters) - Metalloinvest, Russia’s largest iron ore miner, said it had acquired 24 percent of its shares, including a 20 percent stake from state lender VTB, which it may use in a possible initial public offering in the future.

The company is now wholly owned by USM Holdings, in which billionaire Alisher Usmanov holds 60 percent.

Metalloinvest was one of several Russian firms that planned to go public in 2008 but cancelled due to the financial crisis. The company said earlier this month it would buy the 20 percent held by VTB by the end of the year and could use it as part of a possible share sale.

In a statement on Saturday, Metalloinvest confirmed the VTB stake had been purchased but did not provide the price.

VTB had bought the stake in Metalloinvest last year for between $2 billion and $3 billion.

A spokesman for Metalloinvest declined to comment on the structure of the deal or to identify the seller of the remaining 4 percent. (Reporting By Polina Devitt; Editing by Alexei Anishchuk and Jane Baird)

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