VTB, Russia’s second largest bank by assets, may soon sell its 20-percent stake in Metalloinvest, Europe’s largest iron ore producer, VTB First Deputy Board Chairman Yury Solovyov said on Wednesday.
“We are holding quite intensive talks with a visible horizon of their completion. I believe we’ll come to an agreement in the next few months,” Solovyov said.
The 20-percent stake is expected to be repurchased by Metalloinvest.
VTB acquired 20 percent of Metalloinvest late last year from Metalloinvest co-owner Vasily Anisimov’s Coalco Metals Company as repayment of Coalco’s debt to VTB. Experts estimated the deal at over $3 billion.
Solovyov said VTB would be able to sell the stake at a profit compared with the amount of the acquisition.
