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Comstar Rises on Report Rostelecom to Buy Stake

March 23 (Bloomberg) -- OAO Comstar United TeleSystems had the biggest intraday gain in two weeks after RBK Daily reported that OAO Rostelecom may buy the telephone and internet company’s stake in OAO Svyazinvest.

The stock jumped as much as 5.1 percent and closed 0.5 percent higher at 189.05 in Moscow.

Rostelecom, the country’s dominant long-distance phone operator, may buy a 25 percent share in OAO Svyazinvest, Russia’s national fixed-line telephone monopoly, from Comstar, RBK reported, citing two company officials it didn’t identify.

The deal would be “positive” for Comstar and would “release cash for its regional development,” Victor Klimovich, an analyst at VTB Capital, said in an e-mailed note to investors today.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

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

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