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Billionaire Timchenko Pays $155 Million Fee for Freight One Sale

Billionaire Gennady Timchenko’s OOO Transoil paid a 5 billion-ruble ($155 million) entry fee to bid for a stake in state-owned OAO Russian Railways’ Freight One cargo unit.

Transoil, which ships oil by rail, will submit its application to bid for 75 percent minus 2 shares of Freight One by Oct. 14, Transoil said today in an e-mailed statement. Russian Railways plans to auction the Freight One stake on Oct. 28 with a starting price of 125.4 billion rubles and bids set to rise in 500 million-ruble increments.