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. Last Updated: 07/27/2016

Business in Brief

Celtic Sells Copper Stake

LONDON -- Celtic Resources Holdings, the mining company battling a takeover bid by Severstal, said Monday that it would sell its 70 percent stake in the Tominskoye copper project in the south of the country.

Celtic's joint-venture partner Anime Global will also sell its 30 percent stake to Russian Copper, London-based Celtic said . (Bloomberg)

VTB on EADS Stake Sale

KIEV -- State-controlled VTB plans sell its 5 percent stake in European aerospace company EADS this year, most likely on the Russian market, the head of the bank said Monday.

"We count on selling our package before the end of the year," Andrei Kostin told journalists in Ukraine. "The package is most likely to be sold in Russia."

Last month, state aircraft holding firm United Aviation Corporation said it planned to spend about $1 billion to buy the VTB stake in EADS. (Reuters)

VTB Mulls $1Bln Bond

KIEV -- VTB plans to issue a eurobond for up to $1 billion before the end of 2007, the bank's chief financial officer, Nikolai Tsekhomsky, said Monday.

He gave no other details and said the currency for the issue had yet to be chosen. (Reuters)

36.6 Raises $115M in Issue

Pharmacy chain 36.6 said Friday that it had raised about $115 million in a share issue to fund expansion and increase its free float.

The firm, which runs more than 1,000 health and drug stores and also owns generic drug maker Veropharm, said it had placed 1.5 million shares, equal to 15.8 percent of its enlarged capital, at 1,889 rubles ($76.60) each. (Reuters)

Severstal, Polyus Eye Mine

Severstal and Polyus Gold applied to bid at gold auctions in the Irkutsk region, Interfax reported Monday, citing Vladimir Nazaryev, head of the region's subsoil resources agency.

The mining companies will bid for the western and eastern sections of the Medvezhy vein gold property, the service said.

The Medvezhy property's western section may have 7 tons of gold, and the starting price is 16 million rubles ($648,600), Interfax said. (Bloomberg)

Nuclear Reactor Shut Down

A nuclear reactor in the central Voronezh region shut down automatically Saturday, the government said.

Radiation levels remained normal and the cause of the shutdown was being investigated, the Federal Atomic Energy Agency said in a statement. The reactor at the Novovoronezhskaya plant stopped at 11:20 a.m. (Bloomberg)

Itera Gas Assets Shares Sale

Itera plans to sell shares in its natural gas production and trading units next year, Interfax reported Friday, citing chief executive Vladimir Makeyev.

Itera produces gas in the Yamal-Nenets autonomous district in western Siberia. The company and its partners are also involved in gas projects in other former Soviet countries, including Turkmenistan and Uzbekistan. (Bloomberg)

Shell Wants Gas Field Role

AMSTERDAM -- Shell plans to participate in the development of an "extensive" gas field in Siberia, Dutch newspaper Het Financieele Dagblad reported Monday.

Royal Boskalis Westminster and Van Oord Groep are also interested in the project in the Yamal-Nenets autonomous district, which will require investments of 600 billion euros ($869 billion) over the next 50 years, the newspaper said. (Bloomberg)

Rostelecom to Replace CEO

Rostelecom, the country's dominant long-distance telephone company, said it would replace chief executive Dmitry Yerokhin, whose contract expired Sunday.

Rostelecom's board will soon consider CEO candidates, the company said Friday in a statement. (Bloomberg)

Sedmoi Owner's Buyout

Sedmoi Kontinent shareholder Alexander Zanadvorov may buy out his partner in the supermarket chain after talks with U.S. buyout firm TPG collapsed, Vedomosti said Friday, citing people familiar with the deal.

TPG agreed in principle in September to buy 60 percent of Sedmoi Kontinent from Zanadvorov and Vladimir Gruzdev, though that deal fell apart, Vedomosti said. (Bloomberg)

Blackrock Buys in GV Gold

Blackrock, a New York-based money manager half-owned by Merrill Lynch, paid $16.7 million for a 10 percent stake in GV Gold, a miner that twice canceled an initial public offering this year, GV Gold said Friday in a statement.

Blackrock bought 209,000 shares in the form of Global Depositary Receipts at $80 apiece, GV Gold said. GV Gold operates the Golets Vysochaishy mine in the Irkutsk region. (Bloomberg)

Brilliance to Work Locally

HONG KONG -- Brilliance China Automotive Holdings, a partner of BMW, will assemble its own-branded cars in Russia with a local partner to expand overseas sales, the China Daily reported Friday, citing an unidentified company official.

The company plans to export $1.18 billion kits to make 107,589 units of 1.6- and 1.8-liter Junjie compact sedan at an existing factory in Russian Industrial Group IRITO over the next five years, the report said. (Bloomberg)

Car Crashes Harm Economy

Fatal car crashes are causing "significant damage" to the nation's economy, Svetlana Orlova, deputy speaker of the Federation Council, said Friday.

More than 20,000 Russians died in car accidents in the first eight months of this year, Orlova said. Traffic accidents "are causing significant harm to Russia's economy," costing the nation as much as 2.7 percent of gross domestic product, she said. (Bloomberg)

Transaero's Mauritius Flights

PORT LOUIS, Mauritius -- Transaero, a closely held airline, will begin flights to Mauritius on Dec. 29, the Indian Ocean island's Tourism Ministry said Monday.

Transaero will operate the service every 10 days before starting weekly flights, the Port Louis-based ministry said in a statement.

At least 6,000 Russian tourists visited Mauritius from January to September, up 25 percent from a year earlier. (Bloomberg)

Kazakh Oil Law Published

ALMATY, Kazakhstan -- Kazakhstan published amendments to its subsoil law on Monday, allowing the government to cancel oil projects such as Eni's development at Kashagan if developers don't meet their contractual obligations.

The government "has a right" to cancel agreements unilaterally if the contractor "significantly violates the obligations set up by the agreement or the program of works," according to the amended law published in state-run Kazakhstanskaya Pravda. (Bloomberg)