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. Last Updated: 07/27/2016

Mordashov Bid Review Extended

The competition regulator said Monday that it was extending by up to two months its review of a request to buy up to 100 percent of turbine maker Power Machines by a company owned by Alexei Mordashov.

Mordashov, main owner of Severstal, is vying with a firm linked to Oleg Deripaska to buy Power Machines, as investors bet on booming demand for equipment amid reforms of the electricity industry.

"We will extend the deadline for our review," said Dmitry Kupov, deputy head of the department for supervision of the industrial and construction sector at the Federal Anti-Monopoly Service. He said the authority wanted to check whether the Mordashov structure applying to make the bid for Power Machines had other machine-building assets.

He said the maximum term of the extended probe was two months, though he said it could take less time than that.

The anti-monopoly service has said Mordashov has applied to buy 100 percent of Power Machines, while Deripaska hopes to buy up to 82 percent.

Interros has said it has agreed to sell its 30.4 percent in Power Machines to a Russian strategic investor.

Siemens and Unified Energy System both own blocking stakes of 25 percent plus one share in Power Machines.

Both have a right of first refusal to the Interros stake, but the anti-monopoly service has said neither company has expressed an interest in buying the shares.