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Rahimkulov to sell BorsodChem stake

Hungary-based Russian investor Megdet Rahimkulov plans to part with his 26.2% stake in Hungarian chemicals company BorsodChem, Russian daily Vedomosti reported on Wednesday.

Rahimkulov signed an agreement in July giving Permira Funds an option to purchase the entire BorsodChem stake held by Firthlion Limited, which Rahimkulov and his family own. The option must be called by November 30. "The conditions of the option are completely satisfactory, and I am prepared to live with them," Rahimkulov told the paper. Vedomosti estimated he would get $280 million for the stake. The option is at a price of Ft 3,000 per share, offering a premium over the turnover-weighted average price of Ft 2,633 in the past 180 days. Permira Funds also has an option to purchase, at the same price, a 21.8% stake in BorsodChem held by Vienna Capital Partners. (Mti-Eco)