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Russian tycoon Prokhorov agrees to sell 7% stake in Rusal to Vekselberg

Russian aluminium giant Rusal said tycoon Mikhail Prokhorov has agreed to sell around a 7% stake to billionaire Viktor Vekselberg for $503.9-million, concluding lengthy negotiations over a sale.

Prokhorov, a minority shareholder in Hong Kong-listed Rusal, had been in talks to sell a 12% stake in the company to Vekselberg since last year but talks stalled in February.

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