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Russian Financial Watchdog to Probe AvtoVAZ Share-Buyback Ad

Dec. 20 (Bloomberg) -- Russia’s Financial Markets Service opened a probe into “manipulation of shares” of the country’s biggest carmaker, OAO AvtoVAZ, after an ad for a stock buyback was published today in the Vedomosti newspaper, the watchdog’s head, Dmitry Pankin, said in his blog.

AvtoVAZ said the buyback announcement wasn’t genuine, calling it a “provocation.” The carmaker’s shares had jumped as much as 24 percent on the report.

To contact the reporter on this story: Stepan Kravchenko in Moscow at skravchenko@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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