Economics
Russian Billionaires Buying Stock as BofA Sees Market Bottoming
This article is for subscribers only.
Two of Russia’s top billionaires are taking advantage of the bear-market collapse to buy back shares on the cheap.
Vagit Alekperov, chief executive officer at oil producer OAO Lukoil and Russia’s 11th-wealthiest man, has stepped up his purchases of the stock, buying $147 million in the first quarter, according to data compiled by Bloomberg. Mail.ru Group Ltd., the Internet company controlled by Alisher Usmanov, Russia’s richest man, said yesterday it plans to buy $45 million of its own stock.