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Tatneft makes tender offer for Bank Zenit shares

said shareholderTatneft launched a mandatory tender offer for shares of the lender that it doesnot own.

Tatneft,which controls 49% of Bank Zenit, offered to purchase the shares at a price of1 Russian ruble apiece, the lender said July 26. Tatneft recently becamethe main shareholderof the Moscow-based bank, having acquired 6.7 billion of its shares in a recentoffering.

As of July 26, US$1 wasequivalent to 66.20 Russian rubles.