MOSCOW, December 5 (RIA Novosti) - Russia's Anti-Monopoly Service (FAS) has upheld electricity giant Unified Energy System's bid to buy a stake in Silovye Mashiny, the country's leading heavy machinery manufacturer, the agency's Web site reported Monday.
The FAS said the buyer had met the requirement to promote competition on the energy machinery market.
The agency sent its positive response December 2 to the bids UES filed October 17 and 24.
In one of the bids, the company requested permission to buy 22.4% of voting shares in Silovye Mashiny. A week later, UES requested another 30.4% stake.
"If the deal on both bids is conducted, UES' stake in Silovye Mashiny will total 55.4%, given the shares owned by [UES subsidiary] Lenenergo," the agency said.
Interros, an investment holding controlled by tycoon Vladimir Potanin and Mikhail Prokhorov, owns about 74% of shares in Silovye Mashiny. Germany's Siemens holds 4.4% of the company, Lenenergo has 2.57% and minority shareholders own the remaining 22%.
UES earlier said it was considering attracting Siemens as a strategic investor in Silovye Mashiny.
Being the largest consumer of Silovye Mashiny's products, the electricity giant, which is making up a package of orders for the period from 2005 to 2010, seeks to ensure that the manufacturer's products correspond to international standards, the company said in earlier news releases.
UES said it was looking for a foreign strategic investor with high technology and expertise in the power engineering industry. Siemens is a world leader in that sphere and has immense experience of cooperation with Russian machinery producers.
