It is reported that the Russian Federal Antimonopoly Service has given the go-ahead to the Russian state corporation bank for development and foreign economic affairs, Vnesheconombank to acquire a 100% stake in Cypriot company Amurmetal Holding Limited.

As a result of the deal, VEB will receive the right to manage the nine companies of Amurmetal Holding Limited including the OAO Amurmetall, the only steel producer in Russia Far East region.

The tentative agreement on the sale of Amurmetal Holding Limited's 80.5% stake to VEB Invest and of a 19.5% stake to the bank itself was signed on July 31st 2009 in the presence of Russia Prime Minister Mr Vladimir Putin. Following the agreement in question, VEB undertook to open a loan for the company.

(Sourced from SteelOrbis)
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