Bloomberg News

VTB to Oversee Russian Sale of Vanino Port, TGK-5 Utility Stakes

March 13, 2012

VTB Capital, the investment banking arm of Russia’s second-largest lender, will run the state’s sale of stakes in the Vanino seaport and power generator OAO TGK-5 (TGKEG), which is controlled by billionaire Viktor Vekselberg.

The government’s 55 percent in the terminal on the country’s Pacific coast and 25 percent in TGK-5 are among state assets marked for divestment by the end of next year, Moscow- based VTB Capital said today in an e-mailed statement after signing an agreement with the Federal Agency for State Property Management.

The state’s previous attempt to sell the holding in Vanino was blocked in May, when a little-known company bid up the starting price 11 times and then failed to complete the payment, the Kommersant newspaper reported last month.

Vekselberg said in October that his IES Holding would bid for the state’s stake in TGK-5. Russia plans to offer it at a starting price of 6.4 billion rubles ($218 million), according to a Dec. 18 government order signed by Prime Minister Vladimir Putin.

To contact the reporter on this story: Torrey Clark in Moscow at

To contact the editor responsible for this story: Will Kennedy at

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