Market Analysis

OAO Magnitogorsk Iron and Steel Works ( MMK ) closed a deal to acquire 82.6% stake in OAO Belon, said in a press release.

In the last phase of the transaction CMI increased its stake in the company Onarbay Enterprises Ltd, which owns 82,6% of the share capital of Russia's coal mining company OAO Belon, from 50% to 100%.

CMI gains control of OAO Belon, increasing its participation in the company to 82.6%. The deal provides CMI stable supply of coal for steel production, including scarce stamps. The acquisition will allow to continue the investment program of OAO Belon. Deliveries with OAO Belon provide the bulk of the needs of the CMI in coking coal concentrate, according to the exception message of the company.

This deal brings a new level of security of CMI in the strategically important raw materials. We are confident that the acquisition of the asset will provide us with additional competitive advantages in the current situation, and in the long run, - said Viktor Rashnikov, Chairman of the Board of Directors CMI.

In March 2008, CMI acquired a 50% stake Onarbay Enterprises Ltd, which owns 82,6% of the share capital of Russia's coal mining company OAO Belon. In October 2009, the proportion of CMI in the company Onarbay Enterprises Ltd, was increased to 100%.

Capital Structure as a result of the transaction as follows: 82,6% owned Onarbay Enterprises Ltd (located in the 100%-th property CMI), 17,4% of the shares are floated on Russian exchanges.
Latin America: a white stripe on the markets was interrupted
Parliament of Moldova will set a new date for presidential election
Good morning! Information Group Finam.ru and Investment Company Finam Welcome to your site and wish you good day!
Analytical review of the Forex market for the week of October 12 to 16
Today in Ukraine will start the campaign for the elections of the President
Media: In Germany, acts of money laundering
SCR ... Billboards instead of money

bidders threw twice, first by selling the object is not contrary to the terms of competition, and then - not returning their cash deposits ...

Analyst forecasts: Positive dynamics of oil prices will have a positive impact on Russia's indexes
At prestoyaschey week, likely deeper corrective movement to 1260-1220 items

Company News