Nikopol Ferroalloy Fails To Hold EGM.

The Privat-sponsored July 7 EGM of Nikopol Ferroalloy (NFER: SELL) did not take place because the representatives of the State Property Fund did not attend the meeting. Concorde Capital: Privat is intent on gaining control of Nikopol Ferroalloy and thereby consolidate Ukraine?s entire ferroalloy industry. For this reason, the group is attempting to position itself as a defender of state interests. Prime Minister Tymoshenko has repeatedly stated that the 50%+1 stake in NFER dubiously privatized by Interpipe group, Privat?s rival, in 2003 for only USD 77 mln should be returned to the state. Privat is a minority shareholder in NFER with a 26% stake. The group fears that its plans concerning NFER may be thwarted if the deal between Interpipe and Russian tycoons Viktor Vekselberg and Alexandr Abramov for the acquisition of NFER is completed.