Moscow has finally got away a big chunk of its much-discussed and oft-delayed privatisation programme, with the sale on Monday of a 7.58 per cent stake in Sberbank, the country’s largest bank.
Sberbank plunged 2.6 per cent as the investment bankers swung into action and latest recovered to trade 1.9 per cent down as investors digested the $5.4bn share offering.
The central bank, which owns the public stake in Sberbank, will see its holding fall to 50 per cent plus one share, so the state will retain control.
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