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Bashkir Chemistry to Manage Kaustik
BOD of Sterlitamak Kaustik sealed yesterday the order of business for April 29 AGM of the holders, including transfer of the sole executive authority to Moscow Bashkir Chemistry. Close to St. Petersburg PetroTEK-Holding, Bashkir Chemistry also eyes managing Sterlitamak Kauchuk and Soda.
Sterlitamak Kaustic and Soda are the biggest producers of caustic soda, rubber and soda ash in Russia. Naturally, integration of such companies, including under Gazprom supervision, was foreseen long ago. Still, all attempts have been in vain so far.
It was unveiled yesterday that a new pretender - Moscow Bashkirskaya Neftekhimia (Russian for Bashkir Petrochemistry) is seeking control over Bashkir enterprises. To pave the way, Kaustik holders are expected to transfer to it the sole executive authority for their company at the nearest annual meeting. Similar decisions could be made by the holders of Soda (in which Kaustik holds 19.07 percent in direct ownership by official information and around 35 percent by informal data) and Kauchuk (which stake Kaustik is eyeing for acquisition).
Bashkir Chemistry’s spokesmen deny specifying who is standing behind the company. Sergey Chernikov, today’s general director of the company, was previously in charge of PetroTEK-Holding, but resigned to take the office of Bashkir Chemistry’s GD. PetroTEK-Holding used to possess a stake in Kaustik, along with Viktor Vekselberg’s structures, however, the latter swapped the stake for 50 percent in Alba Alliance bank past January. At present, 82.61 percent of Kaustik stocks are held by Cyprus offshore Modisana. According to Chernikov, PetroTEK-Holding was not among the founders of Bashkir Chemistry, as it was created by individuals exclusively. To add to the chemical assets, the company managers some commercial and transport firms in Moscow.
www.kommersant.com
All the Article in Russian as of Mar. 23, 2005
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