RIA Novosti reported that Russia Universal Cargo Logistics Holding owned by billionaire Mr Vladimir Lisin has bought 75% minus two shares of Freight One, a rail cargo subsidiary of state monopoly Russian Railways in a USD 4.2 billion deal.

Mr Valery Krasnovsky head of auction commission said after the auction said "The maximum declared price amounted to RUB 125.5 billion."

The auction for the sell ff of the stake had a minimum price of RUB 125 billion.

The sale of 75% minus two shares in Freight One is a part of the government 2011-2013 privatization plan intended to bring an extra RUB 1 trillion to state coffers.

Transoil firm owned by billionaire Mr Gennady Timchenko and NefteTransServis rail cargo Transportation Company also bid at the auction.

Lisin already owns major transport assets including port facilities in St Petersburg and Tuapse and Independent Transportation Co a rail freight firm. He also owns at least 80% of NLMK, one of Russia largest steelmakers.

(Sourced from RIA Novosti)