The Moscow-based privately-held company plans to offer the stake, whose size has yet to be fixed, by international hard currency tender, said Mike Harman, senior consultant at KPMG Policy Economics Group.
Krasny Oktyabr, which produces a wide range of chocolate, toffee and other confectionery, was looking for "a strategic investor to bring in both know-how and monetary investment to increase the production capacity and quality and, hopefully, raise the share price," he said.
The tender, which would be open to Russian and foreign investors, would probably be announced in early autumn, he said.
Russian confectioners have been struggling to maintain market share since economic liberalization opened the door to foreign goods.
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