Rossiya Bank Could Buy VTB’s Stake in Tele2

Moscow Times
The head of Bank Rossiya and President Vladimir Putin’s close associate Yury Kovalchuk could buy a 30 percent stake in Tele2 cellphone operator, Vedomosti reported Monday.
Two sources close to VTB said Bank Rossiya had agreed in principle to buy 30 percent of Tele2 but that the deal had not yet been finalized due to a clause in the contract signed between VTB and Tele2 in March.
The contract, which saw VTB buy Tele2 Russia for $2.4 billion, stipulates that if the bank were to sell Tele2 within a year, it would have to give half of the profits from any deal to Tele2’s Swedish owners.
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