The largest shareholder of the Russian
pipe producer TMK,
Cyprus-based TMK Steel Ltd, announced on Friday, October 13, that it has bought a 33 percent stake in TMK from Dalecone, thus strengthening its control of the company's shares.
As a result of the acquisition, TMK Steel has raised its stake from 37 percent to 70 percent, while Dalecone reduces its interests in TMK to zero from 33 percent.
TMK Steel is controlled by TMK CEO Dmitry Pumpyansky, while Dalecone is controlled by MDM Bank co-owners Sergei Popov and Andrei Melnichenko.
TMK Steel, which owned a 67 percent stake in TMK, had distributed 30 percent of its interests between Bravecorp Ltd and Tirelli Holding Ltd prior to the transaction in question.
Since these companies and TMK Steel are controlled by Mr Pumpyansky, he now controls all shares in TMK.