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Smart Group in running to bid on Bulgaria's Kremikovtzi plant

Smart Group in running to bid on Bulgaria's Kremikovtzi plant

26 November 2008

Bulgarian Assistant Minister of the Economy and Power Engineering said yesterday that five companies were in the running to acquire the Kremikovtzi plant. Russian businessman Vadim Novinsky, owner of Smart Group, which merged several key assets with Metinvest last year, held talks recently with Bulgarian Prime Minister on acquisition of the plant. Trade publication Metal Courier, without citing its source, reported last week that Metinvest Holding, SCM’s metals & mining wing, was interested in purchasing a more than 25% stake in the Bulgarian plant and planned to submit a proposal to the Bulgarian government by the end of the month. Other rumored bidders include Czech Republic’s ML Moran and AT Kearney, Bulgaria’s OCK, and Russia’s Prominvest. Kremikovtzi is 71% owned by Global Steel Holding (UK) and 29% by the Bulgarian government.

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