Deripaska in talks over cutting his stake in Russian insurance firm

PPF, the Czech finance group and Generali, Italy's insurance giant are said to be near to agreeing a price to buy more of the Russian oligarch, Oleg Deripaska's stake in Ingosstrakh, the Russian insurer.

Mr Deripaska, who has majority control with a 60 per cent stake in Ingosstrakh, is understood now to be willing to cut his stake to give PPF and Generali majority control. Sources say PPF and Generali, which own a 38.5 per cent stake between them, may be willing to pay around €500m (£400m) for majority control. Until now, PPF has said it would look at either increasing or reducing its stake. But the Czech group now wants to increase it and talks are now taking place on a fair valuation and how much it should be buying.

Previously, Ingosstrakh's chief executive, Alexander Grigoryev, had indicated that the company is worth between $4bn (£2.7bn) and $5bn, but PPF argued that this was too high and that it was not prepared to pay over the odds for control.