Russia's Renova acquires 32 pct of Sulzer UPDATE |
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Published
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Fri, 20 Apr 2007 19:45
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(Updates with more comments from Renova; adds background information about Vekselberg)ZURICH (Thomson Financial) - Russian billionaire Victor Vekselberg's holding company Renova said it has acquired 32 pct of Sulzer for an undisclosed sum.Renova said it has acquired 18 pct of the capital as shares and 14 pct in the form of 'physical delivery options'.It said it is not planning to buy any more shares in Sulzer at the moment, nor to take over the whole company.The shares will be held by Everest, a joint venture set up by Renova and Austrian investment company Victory Holding, Renova said.Renova's chief investment officer Vladimir Kuznetzov said the Russian group supported Sulzer's expansion plans and its 'skilled' management.'Sulzer fits perfectly with our investment strategy in the industrial technology sector,' he added.Vekselberg recently transferred his residence to Switzerland and was rated as the third richest person in the country by Swiss business magazine Bilan in 2006, with a fortune estimated at 14-15 bln sfr.tf.TFN-Europe_newsdesk@thomson.comafp/jsa/ambCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Russia's Renova acquires 32 pct of Sulzer 