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Freight One Stake Sale

Russian Railways will sell its remaining 25-percent stake in rail cargo operator Freight One to steel magnate Vladimir Lisin, who already owns 75 percent in the firm, two sources close to the talks said Tuesday.

Lisin, who bid via transport unit Universal Cargo Logistics Holding, will pay 50 billion rubles ($1.61 billion) for the stake, one of the sources said.

The other contender, Russian services conglomerate Sistema, which has recently moved into the transportation business, was not allowed to participate in the tender, its representative said without elaborating.

Lisin, whose primary business is steelmaker NLMK, paid nearly 126 billion rubles for the 75 percent stake in Freight One in October last year.

(Reuters)

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