Business in Brief
- By Unknown
- Jun. 25 2008 00:00
Mechel to Sell New Shares
Mechel, the coal and steel producer controlled by billionaire Igor Zyuzin, will sell new preferred shares to help fund a $5.2 billion upgrade and expansion of its production through 2012.
Morgan Stanley and Renaissance Capital will arrange the sale of as many as 55 million shares, or about 12 percent of the company, in Moscow and Frankfurt, Mechel said Tuesday. It did not give the price of the offering. (Bloomberg)
Siemens License Deal
Siemens, Europe's largest engineering company, said Tuesday that it signed an agreement to license its advanced gas turbine technology to Power Machines.
Power Machines will also acquire production and servicing rights for Siemens' 285-megawatt SGT5-4000F gas turbines and will market them in Russia, the CIS, the Baltic states and India, Siemens said. (Bloomberg)
Onexim's TGK-4 Deal
Onexim Group, the holding company of billionaire Mikhail Prokhorov, said Tuesday that it had closed a deal to acquire the state's stake in generator TGK-4 and was preparing a mandatory offer to other shareholders.
The 31.7 percent stake, acquired from Unified Energy System for 12 billion rubles ($509 million) in April, gave Onexim 50.3 percent of TGK-4's voting shares, the company said. (MT)
Shmatko Meets Industry
Energy Minister Sergei Shmatko on Tuesday held his first meeting with representatives from private electricity holdings, his ministry said in a statement.
The meeting, also attended by Unified Energy System chief Anatoly Chubais, is part of a broader move to enter into a "direct dialogue" with industry participants, the statement said. (MT)
Mordashov on U.S. Growth
NEW YORK -- Severstal, Russia's largest steelmaker, wants to continue its U.S. growth through acquisitions, chief executive Alexei Mordashov said Tuesday.
"We've made several acquisitions and would like to do more," Mordashov said. (Bloomberg)
Luzhkov on Tajik Workers
DUSHANBE, Tajikistan -- Tajikistan asked Moscow on Tuesday to allow more Tajik laborers to work in the city, a major source of income for the impoverished former Soviet state.
"[Tajik President] Imomali Rakhmon asked me to raise the quota for Tajik workers in Moscow, and I promised that we will settle this issue," Mayor Yury Luzhkov said during a visit to Tajikistan. (Reuters)
For the Record
Cosmetics giant L'Oreal plans to build a 45 million euro ($70 million) plant in the Kaluga region to open by 2010, the regional government said Tuesday. (Bloomberg)
Prime Minister Vladimir Putin is to meet with his Ukrainian counterpart, Yulia Tymoshenko, in Moscow on Saturday, the Cabinet's press service said Tuesday, Interfax reported. (MT)
Sheremetyevo Airport is "actively" planning an IPO to help fund a $2.5 billion overhaul, general director Mikhail Vasilenko said Tuesday. (Bloomberg)
The export duty on crude oil may be raised to $490 or $495 per ton Aug. 1 from the current $398.10, said Alexander Sakovich, deputy head of the Finance Ministry's customs department, Interfax reported. (Bloomberg)