Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Metals Giant: State Buyout Not On Cards

Owners of titanium-maker VSMPO-Avisma slammed a state official's comments that suggested the company would be bought out by the government, calling them irresponsible and unsettling to the firm's foreign clients, Kommersant reported.

Vyacheslav Bresht, co-owner of VSMPO-Avisma, said he had not received any official offer to buy his shares in the company, and accused Federal Industry Agency head Boris Alyoshin of scaring the titanium-maker's main clients, aircraft manufacturers Boeing and Airbus, the daily reported Thursday.

Alyoshin said Wednesday that the state was considering ways of buying into the world's largest titanium manufacturer as part of "a strategic investment" into the future of Russian aviation, Reuters reported.

"I would recommend that Mr. Alyoshin, as a state official, be more careful, since such announcements are not quite correct," Bresht said, Kommersant reported.

"Let's not forget that we have Western clients, who get very worried hearing such announcements by state officials, and rumors," he said.

Alyoshin had suggested VSMPO-Avisma be added to a state-controlled "full-cycle" aviation holding that would include the All-Russia Institute of Aviation Materials, Reuters said.

Alyoshin did not elaborate on when or how the state would attempt to buy the titanium-maker, and could not be reached for comment on Thursday.

Bresht holds 30 percent of VSMPO-Avisma, and Vladislav Tetyukhin is the other major shareholder, holding 30 percent.