FAS clears Atomenergomash to acquire 100% of St. Petersburg design bureau
MOSCOW. Aug 13 (Interfax) - The Russian Federal Antimonopoly Service has cleared Atomenergomash (AEM) to acquire 100% of shares in Central Design Bureau of Machine-Building (CDBMB) of St. Petersburg, the FAS reported.
AEM applied with the FAS on July 24. The clearance was issued on August 6.
CDBMB is wholly owned by AEM's parent company, Atomenergoprom, which consolidates assets in the nuclear sector.
CDBMB designs equipment and technology for nuclear power plants and industry, particularly gas centrifuges and pumping equipment.
Atomenergomash manufactures and supplies equipment for nuclear power plants and the oil, gas and chemical industries in Russia and abroad. AEM has 30 assets in Russia, Hungary, and the Czech Republic. It is controlled by Atomenergoprom via TVEL, which consolidates civilian nuclear assets. AEM had 1.789 billion rubles in revenue last year.
Atomenergoprom Executive Director Kirill Komarov earlier told Interfax that the shares of a number of machine-building assets would be paid for with a supplementary issue of AEM shares. The company expects to complete the placement before the end of summer. "AEM's final form will take shape by the end of summer. By that time we also plan to come to a decision with investors" who might be offered up to 49% of shares in AEM, Komarov said.