This share confers rights restricting other shareholders or potential shareholders from acquiring controlling stakes in the company for a period of years or indefinitely.

The government already has controlling stakes in all the components.

Last July, Telefonica by itself bought the controlling stakes in two of them.

Foreigners are allowed up to 49 percent ownership of a bank, but may not hold a controlling stakes.

In addition, foreign investors had controlling stakes in nearly 40 commercial banks, which made up 68% of the banking capital.

The move will leave Edper Group owning controlling stakes in all of the units and affiliated companies.

"China has never been interested in acquiring controlling stakes in Russian companies," says Mr Krasnojenov.

And it has controlling stakes in a range of other businesses, ranging from universities to a broadcasting company.

But it had controlling stakes in its three biggest markets, Germany, Italy and Britain.

Hedge fund managers are generally low profile and not given to taking controlling stakes in companies.