Anreyev Fails in Alrosa Bid

Business Insider reported Alrosa (MCX:ALRS,RTC:ALNU) has suffered a setback in selling up to 20% of shares.

As quoted in the market news,

In a briefing for a selected group of bank and brokerage analysts in Moscow, the company’s chief financial officer, Igor Kulichik (literally, “little Easter cake”), said that Alrosa is considering privatization of a bloc of shares of between 7% and 9%. That indicates a big change in the Russian government’s target for the share sale. In June the federal Finance Ministry had intimated that during 2012 and 2013 up to 14% of Alrosa shares might be sold to investors, with proceeds, the Ministry claimed, of up to $1.8 billion.

Click here to read the full Business Insider report.