PRESS: Sistema plans to acquire large shareholding in Etalon

MOSCOW, Nov 8 (PRIME) -- A company of Russia’s multi-industry holding Sistema plans to acquire a stake in realty developer Etalon presently owned by the family of businessman Vyacheslav Zarenkov, Vedomosti business daily reported on Thursday citing sources close to the talks.

Sistema may buy a just below 30% stake which is to prevent it from making a mandatory buyback offer to minority shareholders. The sum of the deal has not been disclosed.

The parties have already come to a principal agreement, the deal may be announced on Friday following the meeting of the board of directors, Vedomosti said.

A source close to Zarenkov said that the deal may be closed already this week.

A representative of Sistema has declined to comment.

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