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Alrosa Eyes Share Sale

Alrosa plans a share sale that could value the business at up to $15 billion and raise hundreds of millions of rubles for its local and national government owners.

The issue, which the Russian government has been promising since the mid-2000s, would be carried out on the Moscow bourse in October or November, chief executive Fyodor Andreyev said on Thursday after a meeting with President Vladimir Putin.

"The sale of a 14 percent stake on the Moscow stock exchange is a base-case scenario," he said.

The company wants to attract a wide range of investors and avoid the entry of a large strategic shareholder, Andreyev said. Final approval of the deal is expected by June 25.

Alrosa's valuation is seen in a range of $9 billion to $15 billion, Andreyev added.

(Reuters)

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