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    MICEX moves to buy controlling stake in RTS - Russian Central Bank

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    Russia's MICEX stock exchange has agreed in principle to buy a controlling stake in RTS, the country's other major trading floor, the first deputy chairman of Russia's Central Bank said on Tuesday.

    Russia's MICEX stock exchange has agreed in principle to buy a controlling stake in RTS, the country's other major trading floor, the first deputy chairman of Russia's Central Bank said on Tuesday.

    Alexei Ulyukayev said the deal valued MICEX at $3.45 billion and RTS at $1.15 billion.

    The merger, which has been pushed through by President Dmitry Medvedev as part of moves to turn Moscow into an international financial center, is to be completed before mid-April, Ulyukayev said.

    On January 20, Medvedev ordered the Central Bank to sell its 29.8% stake in MICEX, where the bulk of the country's share trading is concentrated.

     

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