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VSMPO-Avisma General Director Vladislav Tetyukhin
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July 19, 2006
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VSMPO-Avisma Gets under the Govts Control
Russias state exporter of armaments, Rosoboronexport, has reached a principal agreement to buy out a stake in VSMPO-Avisma, which size exceeds the majority ownership in the company. The sources say the stakes in question belong to VSMPO-Avisma BOD Chairman Vyacheslav Bresht and General Director Vladislav Tetyukhin. More likely than not, Rosoboronexport wont confine to this ownership and make an offer to Renaissance Capital, which firms bought 13.4 percent in VSMPO-Avisma from Renova in 2005.
The deal to acquire stocks of titanium VSMPO-Avisma is nearing the end, Rosoboronexport chief Sergey Chemezov said at Farnborough International Airshow-2006 yesterday. Rosoboronexport will soon own more than majority in VSMPO-Avisma, Chemezov specified.

Holders of 60 percent in VSMPO-Avisma, BOD Chairman Vyacheslav Bresht and General Director Vladislav Tetyukhin declined to comment yesterday referring to the confidential agreement made with Rosoboronexport.

Off-the-record, the deal is said to have been sealed past week. In view of the market quotes, 51 percent in VSMPO-Avisma could cost $1.1 billion with the majority premium taken into account. But Rosoboronexport has surely pressurized Bresht and Tetyukhin and paid less than the market price to them.

Tetyukhin will remain the general director for some time but the candidature of his successor is canvassed already.

In the next move, Rosoboronexport may endeavor to extend the stake by 13.4 percent, buying the stocks of titanium corporation from Renaissance Securities (Renaissance Group). But those stocks were acquired on behalf of western portfolio investors that will part with them only for high premium. Moreover, it will be necessary to settle the dispute with Renova, which challenges the legality of the deal with Renaissance Capital in courts of London and New York.

All the Article in Russian as of July 19, 2006

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