VTB announces “strategic investment” in Deripaska firm

By Andrei Skvarsky.

Russia’s VTB Capital has bought a 4.35% stake in energy-related firm En+ Group from oligarch Oleg Deripaska’s Basic Element, an acquisition described by VTB as a “strategic investment”.

VTB said in a statement it had paid $500m for the stake.

“We believe that En+ has an immense growth potential that is primarily related to the strengthening cooperation between Russia and China in the energy, metals and mining sectors,” said VTB Capital chairman Yuri Soloviev.

En+ chief executive Artem Volynets called the two firms’ partnership “a very important milestone as we grow towards taking En+ Group public”.

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