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Vanino Stake Sold

The Mechel steel and coal group sold most of the 73.3 percent of the common shares (55 percent of the total share capital) in the Vanino Commercial Sea Port to Russian and foreign investors, retaining only about 1.5 percent of the common shares, the group said in a statement, Interfax reported.  

The company said "investors are not interested in shipping their products through the Vanino port."

The Federal Anti-Monopoly Service said Monday that Mechel had not secured its clearance to sell its stake.

"The deal was not agreed with the Federal Anti-Monopoly Service in advance. The fact that the stake was sold not just to Russian investors but also to foreign ones is of concern, given that the port is a strategic asset," said Dmitry Rutenberg, head of the regulator's department of transportation and communications.

(MT)

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