Russia’s Evraz Group is negotiating the takeover of Industrial Union of Donbass. If the deal is clinched, Evraz holders, and Roman Abramovich is the biggest of them, will control the consolidated giant worth $50 billion.
Photo: PhotoXpress
| Other Photos |
 |
|
 |
Evraz to Join the Club of 5 Biggest Steelmakers
Russia’s Evraz Group is negotiating the takeover of Industrial Union of Donbass. If the deal is clinched, Evraz holders, and Roman Abramovich is the biggest of them, will control the consolidated giant, which worth will reach $50 billion and which will be one of five biggest steelmakers of the world.
Evraz Group and Industrial Union of Donbass (IUD) have progressed to the final stage of takeover negotiations and Credit Suisse is the deal’s adviser, said a few sources with Russia’s and Ukrainian investment banks.
The forthcoming consolidation has been talked over at the meeting of IUD’s Alchev Iron & Steel Works, said Pyotr Antropov, the executive director of Ukrainian KBC Securities. “Evraz was said to have completed finance and industrial audit of all metal assets of IUD. According to data available to us, the deal will be closed in the near future,” Antropov specified. KBC holds a stake in Alchev Iron & Steel Works.
Evraz declined to comment on the deal, but a source close to its holders confirmed they had agreed on consolidating with IUD. Evraz will control the united giant and the deal won’t cover non-core assets of IUD, the source said without elaborating.
“Everyone is in talks to familiarize with the assets of 30 leading metallurgical companies. And we are involved in it, with NLMK [Novolipetsk Iron & Steel Works), and with Evraz, and with Mittal,” said Alexander Pilipenko, vice president at Industrial Group that manages IUD’s assets. People in Russia’s, Ukrainian and London divisions of Credit Suisse, and in Millhouse Capital of Roman Abramovich refused to comment on negotiations. Millhouse Capital holds 36.44 percent in Evraz.
www.kommersant.com
All the Article in Russian as of July 24, 2008
|
|
|
