TMK Steel acquires 33% stake in TMK

Monday, 16 October 2006 11:02:17 (GMT+3)   |  
       

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.

Tags: Pipe Tubular Cyprus 

Similar articles

Local Chinese steel pipe prices mostly decline

28 Mar | Tube and Pipe

US OCTG exports up 26.8 percent in January

27 Mar | Steel News

India’s VSTL setting up greenfield steel pipe making unit in Odisha

27 Mar | Steel News

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

India’s Welspun secures $62 million steel pipe supply contract in Saudi Arabia

26 Mar | Steel News

Some EU flat steel import quotas about to be exhausted near end of period

26 Mar | Steel News

Canada initiates review on line pipe from S. Korea

25 Mar | Steel News

India’s Welspun and Saudi Arabia’s Aramco terminate steel pipe supply contract

25 Mar | Steel News

US and Canadian rig counts both decline week-on-week

22 Mar | Steel News

US structural pipe and tube exports down 41.7 percent in January

22 Mar | Steel News