Russia buys 41% stake in VSMPO, world's biggest titanium maker
Russia's state-run weapons exporter bought 41% of VSMPO-Avisma, the world's biggest titanium producer and a supplier to Boeing Co., tightening President Vladimir Putin's grip on his nation's natural resources. Renaissance Capital led a group of investors that sold the shares to Rosoboronexport, the Moscow-based investment bank said today in an e-mailed statement. Renaissance didn't give a price for the transaction. A 41% stake in VSMPO is worth $1.1 billion, based on the company's share price on Sept. 6, when the stock last traded. The arm seller plans to acquire more than 51% in VSMPO, CEO Sergei Chemezov said Aug. 11 in Moscow. Boeing and VSMPO signed an agreement Aug. 11 to make titanium parts in Verkhnaya Salda in Russia's Urals region for Boeing commercial airplanes including the 787 Dreamliner. Titanium is used in weapons, airplanes and golf clubs. (Bloomberg)
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