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Access, Renova Finalize Asset Consolidation
Energoprom Management that controls electrode assets of Renova Group and Access Industries are finalizing consolidation of assets at Cyprus Carbographite Holdings Ltd. The lawyers say it is a standard move made by Russia’s business to improve legal protection of assets. Once the reorganization is over, Energoprom will set to buying the assets overseas – there is nothing else to acquire in Russia already.
Cyprus Carbographite Holdings Ltd has been authorized by Federal Antimonopoly Service to buy out 100 percent in Cyprus Farnela Investments, Energoprom Management announced yesterday. According to Energoprom Deputy GD Andrey Kocherov, Farnela Investments was sanctioned in summer to acquire 100 percent of common stocks of Novosibirsk Electrode Works, 100 percent of Chelyabinsk Electrode Works and 100 percent of Novocherkassk Electrode Works. Farnela is also the owner of Energoprom.
The deal hasn’t changed beneficiaries, they are still companies close to holders of Renova and Access Industries, assured Energoprom General Director Alexey Evgeniev. Selling the stakes in Cyprus offshores is the common practice for Russia’s business aimed at improving legal protection of assets, explained Dmitry Stepanov from Yukov, Khrenov & Partners.
Nowadays, Energoprom is one of world’s five leading manufacturers of graphitized carbon, accounting for 95 percent of carbon electrode and 50 percent of cathode stacks production in Russia. Evgeniev said the plans are to make the company one of three leaders by method of organic and inorganic growth. “There is nothing else to buy in Russia and I don’t exclude deals with foreign assets. We are consulting with banks,” Evgeniev said without giving details.
www.kommersant.com
All the Article in Russian as of Sep. 12, 2007
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