London Evening Standard owner Alexander Lebedev is poised to sell his stake in Aeroflot according to reports.
Russian airline Aeroflot is believed to be ready to buy up the 25.8% stake owned by Lebedev. Lebedev could use the cash to finance his deal to buy The Independent newspaper.
Lebedev's stake would be worth just under $500m at Tuesday's closing share price, although a source told Reuters that the stake may have to be sold at a discount of around 30%.
The move would increase state ownership of the airline.
4pm Update: My Moscow-based colleague Luke Harding has just spoken to Lebedev and has filed more details.
Lebedev says that the £247m is not to buy the Indy, but is for a variety of social projects in Russia, including "high-quality, low-cost potatoes".
He added (jokingly we think): "With that kind of money I could probably buy all of the newspapers [in Britain]."
Sources: Reuters/FlyInsider/MediaGuardian.co.uk/FT
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