By Olga Razumovskaya

MOSCOW--Russia's second-largest telecom company, PAO MegaFon, is in talks with some Mail.Ru Group shareholders to buy a stake in the company, MegaFon said in a statement on Wednesday.

The two would continue to work as separate companies, MegaFon said.

The announcement came amid media reports that MegaFon was in talks with Mail.Ru, Russia's second-largest internet company, to buy some of its shares.

"MegaFon confirms that it is negotiating with some of the Mail.Ru Group shareholders, but at the moment there is no clarity in whether MegaFon will become a Mail.Ru shareholder," the statement said.

Write to Olga Razumovskaya at olga.razumovskaya@wsj.com

(END) Dow Jones Newswires

November 16, 2016 11:41 ET (16:41 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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