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18 Apr, 2008 05:56

Russian metal tycoons divide assets

Long-time business partners Vladimir Potanin and Mikhail Prokhorov are one step further to separating their mutual assets, a process that began more than a year ago.

The two billionaires, who made their fortune in Russian metals in the 1990s, have decided how they will carve up their interests in their KM Investment Fund.

Potanin's Interros holding company is acquiring a 50% stake in KM Investment Fund.

Prokhorov's Onexim fund will take control of Rosbank, Soglasie Insurance, and a number of geological assets as part of the deal.

The two men still hold major stakes in mining giants Norilsk Nickel and Polyus Gold, although Prokhorov is keen to sell his Norilsk shares.