Metalloinvest, the Russian iron-ore producer 20 percent-held by VTB Group, may exchange $2.48 billion in VTB promissory notes in return for the stake, Vedomosti reported, citing people it didn’t identify.
The swap may be carried out by the end of the year, the newspaper said. Metalloinvest bought VTB notes last year when the state-controlled lender acquired its holding in the company from billionaire Vasily Anisimov, according to Vedomosti.
Fellow billionaire Alisher Usmanov, who controls Metalloinvest, said April 27 that the company may study buying back VTB’s stake and is in preliminary talks with the bank.
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