Abramovich to buy Corus stake

Russian sources have reported that Roman Abramovich, Russia's richest man, started talks with Anglo-Dutch steelmaker Corus Group to buy stake in it. This report comes just two days after Ervaz Holding, one of the largest Russia's steelmakers, announced that the company is in talks with Mr. Abromovich on sale of 40 percent of its stakes. Corus officials declined to comment on the above information. SteelOrbis has reported in late March that the rumor about the possible merger between concerning companies circulated in the market. Therefore, there is a possibility that current talks between Corus and the Russian tycoon are the initial stage of an exchange of shares in both companies with Mr. Abramovich acting as a mediator.