VTB Bank buys controlling stake in RusTransCom
Russian banking group VTB Bank has acquired a controlling stake in railroad operator RusTransCom (RTK), bne Intellinews reported. The amount of the transaction was not disclosed.
The move will boost VTB’s position in the grain transport business as RTK is Russia's largest grain freight operator. The bank already controls major grain assets such as a 50% stake in state-run United Grain Company (OZK) and Novorosiysk Grain Terminal (NZT).
Initially, RTK planned an initial public offering (IPO) on the London Stock Exchange but gave up those plans once VTB placed its offer. The railroad group is valued between USD 1.36 billion and USD 1.60 billion, bne Intellinews added.
Original source: bne Intellinews