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VTB Acquires Stake in Miner

VTB said it had acquired a 20 percent stake in iron ore miner Metalloinvest.

The deal is valued at about $2.5 billion, according to a press release issued by law firm Dewey & LeBoeuf, which said it advised on the deal.

Vedomosti had reported that VTB was set to buy the stake from minority shareholder Vasily Anisimov after agreeing to cancel his more than $1.5 billion debt. Anisimov has been trying to unload the stake for some time, and in March reports appeared in the local press that Sberbank could pay $2.5 billion for it.

(Reuters)

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