Russian tycoon Gennady Timchenko has cut his stake in petrochemical company Sibur, as per Reuters. Timchenko, who is on the U.S. sanctions list, sold his 17% stake at an undisclosed price to a company controlled by Kirill Shamalov, deputy CEO at Sibur. With this, Shamalov's stake in the company has been hiked to 21.3%. Timchenko will keep a 15.3% stake, Novatek co-owner Leonid Mikhelson has a 50.2% stake, while current and former Sibur managers, excluding Shamalov, have 13.2%.
08-Sep-14 
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