Swiss-based Credit Mediterranee owned by Kalmyk multi-millionaire Kirsan Ilyumzhinov has acquired a 52.5% stake in Bulgarian fuel distributor Petrol Holding AD.

The company of the former President of the Republic of Kalmykia and President of the World Chess Federation bought the 47.5% stake owned by Denis Ershov and the 5% stake owned by Alexander Melnik, according to a statement of Petrol Holding's press office.

The deal was sealed on Friday.The statutory procedures for registering the new owner and the changes to the governing bodies of Petrol Holding AD in the Trade Register are yet to be carried out.

The other shareholder in Petrol Holding is Mitko Sabev, who controls a 47.5% stake in the fuel company.

The deal is expected to put an end to a long-standing shareholder battle at the company involving lawsuits, accusations of Trade Register scams and insults exchanged through the media.