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Timchenko’s Volga Resources to Acquire Russian Sea Group Stake

Russian billionaire Gennady Timchenko’s Volga Resources investment fund has agreed to form a 50-50 venture with Maxim Vorobiev’s RS Group that will hold 60.936 percent of OAO Russian Sea Group, a Russian consumer-food producer.

“This acquisition allows us to diversify away from our more traditional sectors of oil and gas,” Chlodwig Reuter, chairman of Volga Resources, said in a regulatory filing today announcing the deal.