Russia: Small Shareholder Sells Stake in Lukoil & Magnit

Lazard Emerging Markets Equity Portfolio, which invests in emerging markets, completed the sale of its stake in  Lukoil in the second quarter of 2011. Lazard EM had around 0.5% of Lukoil at the beginning of the year with a market value of $245 million.

The fund reduced its stake in the company from 4.33 million to 0.6 million ADR ($43 million) in the first quarter and in the second quarter it sold the rest of its stake, Lazard EM reports. There were no other major changes made to the rest of the Lazard EM investment structure.

 Its share in TNK-BP Holding was reduced slightly from 44.5 million to 43.5 million shares (just over 0.2%, $133 million). Lazard is continuing to reduce its stake in Magnit - it held 1.35% in the third quarter of 2010, 1.07% in the first quarter of 2011 and 1% in the second quarter (4.48 million GDR at $120 million).

Magnit has been covered in CstoreWorld news as a fast developing player in the convenience retial market in Russia.

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