Install

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

. Last Updated: 07/27/2016

Mordashov Eyes Power Machines

Steel billionaire Alexei Mordashov has requested permission from the Federal Anti-Monopoly Agency to buy control of turbine maker Power Machines as he bets on booming demand for equipment amid power sector reforms.

A representative of the anti-monopoly service said Monday that the agency had received a request from Mordashov, the majority owner of steelmaker Severstal, to buy a stake in the country's largest turbine manufacturer.

"The [service] has received a request from Mordashov to purchase a stake," the official said, without revealing the size of the stake or the vehicle through which Mordashov intended to buy it.

Vedomosti and Kommersant, quoting industry sources, said Mordashov wanted to buy 100 percent of Power Machines, pitching him into competition with Oleg Deripaska and Viktor Vekselberg, who have large stakes in the power sector.

Germany's Siemens holds 25 percent plus one share in Power Machines and has sought to buy control of the firm, but authorities blocked the deal, citing national security reasons.

State utility Unified Energy System also holds 25 percent in Power Machines, which has a market value of $1.2 billion.

Interros, the investment vehicle of billionaire Vladimir Potanin, has entrusted its 30 percent stake in Power Machines to UES.