Federal Antimonopoly Service bans acquisition of Maxi Group
The Federal Antimonopoly Service refused to let Novolipetsk Integrated Metallurgical Complex (NLMK) acquire 100% of Maxi Group’s shares.
NLMK is one of Russia’s major metallurgical enterprises whose share on the metal goods market comes to more than 35% for many types of products.
Maxi Group controls a number of electro-metallurgical plants and companies dealing in production, recycling, and sales of ferrous and non-ferrous metals.
NLMK was not allowed to buy the shares because some of the papers the enterprise provided contained inaccurate data on the company’s employees who already owned the controlling shareholding of Maxi Group. Therefore the Service decided the acquisition would be a violation of the competition protection law; moreover, NLMK will have to face administrative liability for buying Maxi Group’s controlling shareholding earlier.
'This was last year’s greatest transaction in the ferrous metallurgy field, and the two parties happened to go through with it without the Federal Antimonopoly Service’s official agreement, which is absolutely unacceptable. We are now considering what to do about the company in terms of fines and sanctions,’ the Service’s Industrial Control Director Alexei Ulyanov said.
NLMK is one of Russia’s major metallurgical enterprises whose share on the metal goods market comes to more than 35% for many types of products.
Maxi Group controls a number of electro-metallurgical plants and companies dealing in production, recycling, and sales of ferrous and non-ferrous metals.
NLMK was not allowed to buy the shares because some of the papers the enterprise provided contained inaccurate data on the company’s employees who already owned the controlling shareholding of Maxi Group. Therefore the Service decided the acquisition would be a violation of the competition protection law; moreover, NLMK will have to face administrative liability for buying Maxi Group’s controlling shareholding earlier.
'This was last year’s greatest transaction in the ferrous metallurgy field, and the two parties happened to go through with it without the Federal Antimonopoly Service’s official agreement, which is absolutely unacceptable. We are now considering what to do about the company in terms of fines and sanctions,’ the Service’s Industrial Control Director Alexei Ulyanov said.
 | Код для вставки в блог |  | Подписаться на рассылку |  | Распечатать |