Business in Brief
- By Unknown
- Jul. 21 2008 00:00
2nd Norilsk Exec Leaves
Norilsk Nickel said Friday that a second deputy CEO quit as billionaire owners Vladimir Potanin and Oleg Deripaska fight for control of the company.
Olga Golodets, in charge of personnel, tendered her resignation, Norilsk spokesman Victor Borodin said. Deputy CEO Ralph Tavakolian Morgan, who oversaw strategy, said Wednesday that he was leaving the company, days after his former boss, Denis Morozov, was sacked. (Bloomberg, MT)
Mechel to Buy Firm Abroad
Mining giant Mechel plans to use the money raised from its share sale to acquire a large private mining firm abroad, a financial market source familiar with the situation said Friday.
The source said the acquired foreign asset would first be integrated into Mechel and would then "very likely" be included in the Mechel Mining subsidiary that the firm is creating. Mechel declined to comment. (Reuters)
TMK H1 Shipments Down
Oil and gas pipe maker TMK said Friday that shipments fell 5 percent in the first half as domestic demand fell.
Shipments dropped to 1.5 million tons of steel pipes, TMK said. Russian pipe consumption fell 11 percent, while TMK's domestic shipments fell 7.6 percent, the company said. (Bloomberg)
Severstal Extends Deadline
WHEELING, West Virginia -- Severstal has extended the deadline on its offer to purchase all outstanding shares of Esmark.
In a statement released Friday, the company said the tender offer would now expire at 10 a.m. on Aug. 4. The original expiration of the tender offer was to be midnight Friday. (AP)
Alfa, IFC to Finance Retailer
The World Bank's International Finance Corporation is partnering with billionaire Mikhail Fridman's Alfa Group to finance a retail firm in Belarus, the IFC said Friday.
The IFC, the World Bank's private sector lender, will provide a $6 million loan to an Alfa Group subsidiary, A1 Group, that will use it to help finance the launch stores for a food retail chain in Belarus, the IFC said. (Reuters)
EuroChem Mulls Loan
EuroChem, the country's biggest fertilizer producer, said Friday that it might borrow as much as $1.5 billion in its biggest loan to date to fund expansion.
"EuroChem is in early talks about the syndicated loan," spokesman Vladimir Torin said. The loan would be used for "general corporate purposes," he said. (Bloomberg)
For the Record
PepsiCo and Pepsi Bottling Group won approval from the Federal Anti-Monopoly Service for the $1.4 billion purchase of a controlling stake in juice maker Lebedyansky. (Bloomberg)
Russia has signed memoranda of intent with 20 foreign car-parts makers to supply a planned Hyundai Motor assembly plant in St. Petersburg, Vedomosti reported Friday. (Bloomberg)
Russia's Avtodetal-Servis agreed to buy a 39 percent stake in Serbia's state-owned Ikarbus, the nation's largest bus producer, the Blic newspaper reported Friday. (Bloomberg)
Norilsk Nickel said Friday that its board had not received a proposal for or reviewed plans for a share buyback, refuting media speculation that it may buy $2 billion of its stock. (Bloomberg)