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Russian Railways to Auction Off Stakes in Units, Zhukov Says

OAO Russian Railways approved plans to sell 75 percent minus two shares of its OAO Freight One unit and 25 percent plus one share of OAO TransContainer, said Deputy Prime Minister Alexander Zhukov, the state-owned company’s chairman.

The rail monopoly seeks at least 115.5 billion rubles ($4.1 billion) and 10.7 billion rubles for the stakes in Freight One and TransContainer, respectively, Zhukov told reporters today in Moscow, adding that Freight One will be auctioned off in the third quarter. The company’s board approved the plans today. It would keep about 25 percent in each unit after the sales.