September 6, 2017 / 1:23 AM / 10 months ago

Russia's Vekselberg says doesn't want to increase stake in Rusal further

VLADIVOSTOK (Reuters) - Russian billionaire Viktor Vekselberg said on Wednesday he did not want to increase further his stake in Russia’s Rusal, one of the world’s top aluminum producers.

FILE PHOTO: Chairman of the Board of Directors of Renova Group Viktor Vekselberg attends a session during the Week of Russian Business, organized by the Russian Union of Industrialists and Entrepreneurs (RSPP), in Moscow, Russia March 16, 2017. REUTERS/Sergei Karpukhin/File Photo

“No, we don’t want (to increase the stake),” he said when asked whether he planned to buy another almost 7 percent stake in Rusal.

Last month, Vekselberg agreed to buy a 7 percent stake in Rusal from Russian businessman Mikhail Prokhorov. The combined holding of Vekselberg and his vehicle, SUAL Partners Limited, will rise to around 22.80 percent of Rusal’s issued share capital once the deal is closed. Prokhorov will own 6.7 percent in Rusal after the deal is closed.

Reporting by Katya Golubkova; Editing by Chris Gallagher and Paul Tait

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