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Deripaska to Bid for a Bosnian Aluminum Company
The En+ holding, which unites Oleg Deripaska’s assets, has announced plans to bid at a tender for 88 percent in an aluminum combine in Bosnia along with Alcoa and Alcan. The Bosnian Aluminij Mostar buys allumina from Eurallumina which will soon enter the joint Russian Aluminum company. Should the Russians win the tender, they may decide to sell the asset and other companies on the Balkans to Eurallumina.
The En+ holding which unites Oleg Deripaska’s energy and aluminum assets plans to bid at the tender for Aluminij Mostar, Deripaska's Basic Element told Kommersant Thursday. The ask price for the 88-percent stake is ˆ76.84 million.
Aluminij Mostar owns a foundry and a factory producing anodes and primary aluminum. The company’s profits in 2006 amounted to ˆ288 million.
Applications for bidding at the tender can be submitted before April 23. The country’s privatization agency will name the winner in July judging from several criteria such as the price, proposed investment and business plans and previous and future cooperation. En+ has an edge over its rivals in the latter criteria as Aluminij Mostar imports alumina from Glencore’s Euroallumina which will soon become part of the Russian Aluminum holding set up by Rusal, SUAL and Glencore.
Russian Aluminum is unable to bid at the auction on its own since the consolidation of the assets of Rusal, SUAL, Glencore is not over yet.
www.kommersant.com
All the Article in Russian as of Mar. 09, 2007
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