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SUEK Buys Back Shares

Siberian Coal Energy Co., with plans for an initial public offering in London, will buy back an almost 10 percent stake from billionaires Andrei Melnichenko and Sergei Popov in a deal valuing the company at about $8 billion.

Russia's largest power-station coal producer will pay 23 billion rubles ($810 million) for 9.84 percent, according to a statement by SUEK, as the company is known. The deal values the business at $8.3 billion.

SUEK will probably delay its IPO a second time as investor demand failed to reach its target valuation of $8 billion, two people with knowledge of the sale said May 17.

(Bloomberg)

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