Russia's second-largest bank VTB has stated that it has acquired a 20 percent stake in Russia's largest iron ore miner Metalloinvest, according to international media reports.
The acquisition is valued at about $2.5 billion. Last week's reports indicated that VTB was planning to buy a stake from the minority shareholder Vasily Anisimov, as repayment for a loan of over $1.5 billion given by VTB Bank. Neither party has disclosed the details of the transaction.