Bloomberg News

Bank Vozrozhdenie Surges Most in Week on Report Kogan to Buy

October 05, 2011

(Updates with closing share price in second paragraph.)

Oct. 5 (Bloomberg) -- Bank Vozrozhdenie rose the most in more than a week after Vedomosti reported former Promstyroybank owner Vladimir Kogan wants to buy the regional lender, citing unidentified people with the knowledge of the talks.

The shares jumped 5 percent higher at 719.9 rubles by the the 6:45 p.m. close in Moscow, the biggest gain since Sept. 26.

“Though this story is unconfirmed, we think it’s worth staying tuned for further developments on the M&A theme, as M&A may become a positive catalyst for the stock price,” Svetlana Kovalskaya, an equity analyst at Renaissance Capital, wrote in an e-mailed report today.

--Editors: Ana Monteiro, Peter Branton

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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