Nornickel sale shows taste for Russian stock deals

Roman Abramovich’s sale of a stake in Russia’s biggest mining company shows investor appetite for the country’s assets is returning.

Crispian Investments, a company controlled by Chelsea Football Club owner Abramovich and his partners, increased the size of the offering in MMC Norilsk Nickel to 1.7% from the originally envisaged 1.25% because of the strength of demand. The stake was valued at about $551-million, with 39% acquired by UK investors, according to VTB Capital, one of the sale organisers.