Business in Brief
- By Unknown
- May. 19 2008 00:00
Severstal Buys WCI Steel
SEATTLE -- Severstal, Russia's largest steelmaker, said Friday that it agreed to buy Ohio-based WCI Steel for $140 million in cash.
The buy, at $3.29 a share, will add to earnings immediately, Severstal and WCI said Friday. The company, which emerged from bankruptcy in May 2006, expects the deal to be completed in the third quarter. Severstal will assume more than $230 million of debt and other obligations, WCI said. (Bloomberg)
Troika to Add 500 Positions
Troika Dialog, the country's oldest investment bank, will add 500 positions by the end of September, ahead of a possible IPO in 2010, chairman and chief executive Ruben Vardanyan said.
"We are preparing ourselves for an IPO, which is becoming more and more visible," Vardanyan said Friday. "But we are not desperate to go public," he said. The hires would increase the bank's work force to 2,000. (Bloomberg)
Kerimov Selling Polymetal?
Shares of Polymetal, the country's top silver miner, jumped Friday on a report that majority owner Suleiman Kerimov planned to sell his stake.
Vedomosti on Friday cited sources as saying Kerimov was looking for a buyer for the 74 percent stake in Polymetal, controlled by his investment company Nafta-Moskva. (Reuters)
Kazimir Makes Polyus Offer
Britain-based asset management company Kazimir Partners said Friday that it had offered Polyus Gold $350 million for some 2.5 percent of its shares.
"Kazimir Partners … made an unsolicited offer to acquire approximately 2.5 percent of the outstanding equity capital of Polyus Gold in the form of ordinary shares … for a total consideration of $350 million in immediately available cash," the fund said. (Reuters)
Evraz Quarterly Results
Evraz Group, the country's largest steelmaker by domestic volume, had first-quarter revenue of $4.32 billion, according to an interim management statement released by the company Friday.
Earnings before interest, taxation, depreciation and amortization reached $1.39 billion, while the EBITDA margin was 32 percent, said the company, which is reporting its quarterly financial results for the first time. (Reuters)
For the Record
Gazprom has agreed to supply a proposed LNG import terminal in Canada that would provide for users in Ontario and Quebec. (Bloomberg)
Gazprom won regulatory approval in Belgium to sell gas to businesses, De Tijd newspaper reported Saturday. (Bloomberg)
Kalina, the country's top cosmetics maker, said Friday that it posted a 15.6 percent jump in first-quarter net profit to $8.8 million. (Reuters)
Turkmen President Gurbanguly Berdymukhammedov met with South Korean Prime Minister Han Seung-soo on Friday and invited Korean companies to help tap his country's rich energy resources. (AP)
Ukrainian President Viktor Yushchenko has again barred the government's bid to privatize the Odessa Port, a leading chemical plant, ahead of a scheduled May 20 sell-off. (Reuters)
Kazakhstan will allow grain exports after a ban on them expires in September, Finance Minister Bolat Zhamishev said in Kiev on Sunday. (Bloomberg)