Bank of Moscow acquires Segezha pulp and paper mill
Russia's competition authorities clear Segezha pulp and paper mill consolidation deal. Bank of Moscow acquires remaining 49,99% stake in the company.
The Federal Antimonopoly Service of Russia (FAS) has issued approval to the AKB Bank Moskvy (Bank of Moscow) to acquire the remaining 49.99% stake in Segezha pulp and paper Mill (SPPM). The acquisition will give the bank 100% control of the Russian sack kraft paper manufacturer
SPPM is managed by the Investlesprom holding. The mill has an installed capacity of 400,000 tpy of sulphate pulp and 330,000 tpy of sack kraft paper and kraftliner. In 2012, paper production touched 242,400 t while pulp output amounted to 255,000 t.
Investlesprom has been in the hands of the VTB bank since 2012, when VTB took over the Bank of Moscow, Investlesprom's main lender and a large shareholder. The management of the VTB bank explained last June it was in talks to sell Investlesprom to the Russian investment company AFK Sistema, in what country's media called $500m deal.
Find the entire article and any associated background information in EUWID Pulp and Paper no. 36.
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