Deal for Zvezda Shipyard to join USC cancelled, state holding lacks funds - VTB head

MOSCOW. March 18 (Interfax) - The deal for the Zvezda shipyard to join the United Shipbuilding Corporation (USC, managed by VTB) has been cancelled, as the state holding lacks the funds for this, VTB CEO Andrei Kostin told journalists on the sidelines of the RSPP congress.

"The valuation is no longer underway. The deal is off. And it won't happen," he said.

When asked about the reasons for the cancellation, Kostin said that, "USC currently lacks the funds, and there is an effective owner there who will continue to operate. The topic is closed."