October 13, 2008

Mr Usmanov denies Vallourec bid

FT reported that Mr Alisher Usmanov, the Russian metals tycoon, said recently that he was considering building a relationship with Vallourec.

Mr Usmanov denied that he was bidding for the company but said his Metalloinvest metals concern was considering building relations. He said “We are only starting to study the question.”

Shares in the French pipe maker rose 4% to EUR 214.17 on rumors that Mr Usmanov was bidding for it at EUR 280 per share.