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Gazprombank Cuts Dresdner Bank Short
29.06.2006 00:42
Gazprombank Cuts Dresdner Bank Short

Gazprombank, Gazproms subsidiary, has surprised the business community today by refusing to sell its 33.3% stake to Dresdner Bank. Gazfond, another subsidiary of Russian gas giant, has offered better terms for the shares.
      Experts believe Gazprombank had been seeking a new partner because its capitalizations climbed considerably since it received initial approval from Dresdner Bank. Gasfond is non-state pension fund controlled by Gazprom.
      The agreement with Dresdner Bank was reached last December and could have led to the largest change in the banking sector. As analysts pointed out, it could have boosted transparency and helped Gazprombank go through its initial public offering.


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