Siemens foiled again in Power Machines stock shuffle


The Russian Federal Antimonopoly Service has refused for a second time to allow Siemens to buy 30.4% of the stock in Power Machines from the Interros Holding.

Siemens is thus prevented from reselling the shares to Oleg Deripaska’s Russian Machines, but Interros is free to sell them to Severstal owner Alexey Mordashov. The Federal Antimonopoly Service pointed out that, by upgrading its blocking share in Power Machines to a controlling share, and considering its own activities, Siemens would gain a dominating position on the Russian electricity generating equipment. Siemens controls about 15% of that market, and Power Machines about 37%.

FAS chairman Igor Artemyev was aware of Siemens’ negotiations with Russian Machines for the resale of the 30.4% Power Machines stock package. Sources have been unable to explain the reason for the agency’s decision to reject the deal, which, the sources say, was made at the last minute. Now Interros can sell the stake to Mordashov, as it agreed to do this summer. It was required to offer the package to the two other shareholders in the company, RAO UES of Russia and Siemens, first. RAO passed on the package and decided that it would sell its own share at auction before the end of the year. Mordashov’s Highstat Ltd. already has FAS permission to buy 100% of Power Machines and the deal is expected to be completed within days.

Hope is not lost for Russian Machines, however. It can participate in the auction for the RAO share in the company. If it purchases that blocking package, it can consolidate its position with Siemens, even forming a joint venture with it, and receive control over the company. Mordashev could also win the auction for the RAO share, of course. (


KSH Dismisses Reports of Eurostat 'Investigation' Figures

KSH Dismisses Reports of Eurostat 'Investigation'

Hungarian-American Business Chamber Established in Chicago Int’l Relations

Hungarian-American Business Chamber Established in Chicago

Number of Registered Jobseekers Down 3% in November HR

Number of Registered Jobseekers Down 3% in November

Number of Guest Nights up 5.1%  Tourism

Number of Guest Nights up 5.1% 


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.