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. Last Updated: 07/27/2016

S7 Cancels Auction for 25% Stake

The auction of a state-owned stake in the country's second biggest airline, S7, was called off due to a lack of interest, a spokesman for the company confirmed Tuesday.

S7 spokesman Ilya Novokhatsky expressed no surprise at the lack of interest, saying the stock was not attractive to potential investors and similar auctions had been mooted for several years.

"Basically this stock does not give investors any control in the company or offer any interest in the future," he said.

He explained that when the auction was announced in December, S7 had warned that if any hostile investor bought the shares, the company would move to water down the stock.

Alexander Komarov, a spokesman for the Federal Property Fund, the body organizing the sale of the 25.5 percent stake in S7's charter capital, said another auction could be held in the future, RIA-Novosti reported.