Razgulay Surges Most in Three Months on VEB Stake Talks Report

OAO Razgulay Group (GRAZ), a Russian grain producer, jumped the most in more than three months after Kommersant reported that VEB, the state development bank, is in talks to acquire a 16.8 percent stake.

Razgulay climbed 11 percent to 28.80 rubles as of 10:20 a.m. in Moscow, its strongest intraday advance since Nov. 14.

VEB may gain the stake as part of the grain company’s debt restructuring, according to the Russian newspaper, which cited an investment banker it did not identify. Razgulay got regulatory approval to issue 31.9 million shares in December, Kommersant reported.

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.