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VEB to use its own funds to purchase UC Rusal shares
RBC, 20.11.2009, Moscow 10:58:55.UC Rusal's shares offered as part of the company's IPO will be purchased with the funds of Vnesheconombank (VEB) instead of the National Wealth Fund, Deputy Prime Minister and Finance Minister Alexei Kudrin told journalists today. "The Finance Ministry has reached an agreement with VEB specifying that all proceeds from the placement of the National Wealth Fund's assets are VEB's property. We want UC Rusal to settle its financial problems and overcome the crisis," Kudrin said. He added that private investors would see the government's support of the company as a good sign. Yesterday, VEB's head Vladimir Dmitriyev told journalists that the bank's supervisory council has considered participation in UC Rusal's IPO, though he did not reveal any details, citing the confidentiality of such information.
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