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Russia Cherkizovo main owner to sell 7 pct-sources

21 april 2010
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Russian meat producer Cherkizovo group's main shareholder is selling a stake equal to 7 percent of the firm's share capital, two sources said on Wednesday. 

MB Capital Partners, which represents the interests of businessman Igor Babayev and members of his family, is offering the shares at $20.25 to $22.75 per Global Depositary Receipt, a financial market source said. 

The stock closed at $22.50 on Wednesday, up 1.35 percent on the day. 

"The only purpose of this deal is to increase the liquidity of the company's GDR stock," an investment banking source said. 

According to Reuters calculations, MB Capital Partners could fetch between $93 million and $104 million by selling about 4.6 million GDRs. 

Cherkizovo declined to comment. 

The offer will be priced on Thursday, the financial market source said, adding that Renaissance Capital and JP Morgan were joint bookrunners of the deal. 

MB Capital Partners owns 63 percent of Cherkizovo shares.  

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