Rustam Tariko's Russian Standard has completed the first phase of a deal to acquire an additional stake in Polish alcohol holding Central European Distribution Corporation, or CEDC, Interfax reported Thursday.
Roust Trading acquired $30 million of new CEDC shares, the Polish company said. In addition, Russian Standard Bank bought $70 million worth of CEDC notes.
CEDC, which has most of its production assets in Russia, signed a binding agreement to form an alliance with Roust Trading, acting on behalf of Russian Standard, in April. Russian Standard will receive a 28 percent stake in CEDC. Russian Standard acquired 9.9 percent in CEDC in November last year.