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. Last Updated: 07/27/2016

Both Bids for Power Machines Cleared

The Federal Anti-Monopoly Service on Friday cleared the way for metals tycoons Oleg Deripaska and Alexei Mordashov to make competing bids for turbine maker Power Machines.

The service said in a statement that it had approved the requests of Highstat Limited and Stephens Capital Ventures to buy 100 and 82 percent, respectively, in Power Machines.

A source at Power Machines said Highstat was controlled by Mordashov, while Stephens Capital Ventures is controlled by Deripaska.

The service has said Mordashov, who controls steel major Severstal, and Deripaska, whose metals-to-agriculture empire is grouped under investment vehicle Basic Element, had expressed their interest in buying the stakes.

Interros, the holding company of metals tycoons Vladimir Potanin and Mikhail Prokhorov, has said it has agreed to sell its 30.4 percent stake in Power Machines to a Russian buyer.