Highstat Ltd. buys stake in Russia’s Power Machines


Highstat Ltd. has won a tender for the acquisition of a blocking stake (25% plus one share) in Power Machines from Russian electricity giant Unified Energy System.

Cyprus-registered Highstat Ltd., owned by Russian steel tycoon Alexei Mordashov, made the highest bid for the proposed stake, offering 11.8 billion rubles ($486 million), or 5.42 rubles per ordinary share, approximately 25% above the market share price. Mordashov already holds 30.4% in Power Machines.

Power Machines, Russia’s leading heavy machinery manufacture, is currently owned by financial holding Interros, Unified Energy System and German electronics and engineering giant Siemens. Russian billionaire and BasEl owner Oleg Deripaska withdrew earlier on Tuesday his offer to buy a 25% stake in Power Machines from UES, a leading business daily said. Kommersant said Alexei Mordashov, the owner of Severstal, Russia’s largest steelmaker, was left as the only bidder. An analyst at Kapital Investment Group, Mikhail Pak, told Kommersant: „the deal can hardly be called transparent, and its outcome must have been decided in advance.” (rian.ru)


POPIHN Raises Forecast for Fuel Consumption Energy Trade

POPIHN Raises Forecast for Fuel Consumption

Hungarian Lawmakers Ratify Finland's NATO Accession Parliament

Hungarian Lawmakers Ratify Finland's NATO Accession

Nolato Partners With Happy at Work HR

Nolato Partners With Happy at Work

Sümeg Castle Reopens History

Sümeg Castle Reopens


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.