Russian conglomerate Sistema, owner of oil company Bashneft, is offloading its 49pc stake in crude producer Russ- neft at a massive premium to the price it paid. Sistema unexpectedly announced last week that it is selling its stake back to Russneft founder Mikhail Gutseriyev for $1.2bn, 12 times what it paid three years ago. It says the price reflects its contribution to Russneft’s performance.
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