First Quantum Group plans to increase its stake in Russia's largest container terminal operator, National Container Company, from 50% to100%.

According to Russia's Kommersant newspaper, the group - controlled by State Duma deputy Vitaly Yuzhilin - has offered to buy the stake held by Fesco Group.

Sberbank is said to be ready to finance the transaction, allocating up to US$440m for consolidation of the shares.

It is thought, however, that Fesco chief Sergey Generalov is pushing for a higher price.