Highstat Limited, owned by Russian billionaire Alexei Mordashov, has made a 4.53 rubles per share offer to minority shareholders in engineering equipment giant Power Machines, the company said on its website.
The offer by Mordashov, who ranks third in the Forbes List of Russia’s Wealthiest Businessmen with a fortune of $15.3 billion, was made on August 13. Minority shareholders have the statutory 70 days to make a decision on the offer. Russia’s largest state-run bank Sberbank has provided a guarantee for the offer.
Highstat currently holds 86.87 percent of Power Machines shares. Last fall, Highstat was cleared by the anti-trust watchdog to increase its stake in Power Machines to 100 percent.
Highstat became a core shareholder in Power Machines in fall 2007 after buying 30.4 percent of the company’s stock from Interros financial holding, owned by billionaire Vladimir Potanin.
Power Machines provides engineering services, and produces, assembles, services and modernizes equipment for hydro, thermal, gas and nuclear power plants and the transportation industry. It has clients in more than 80 countries.
The company made a net profit of $323 million and revenues of $1.702 billion in 2011 to IFRS, according to the company's consolidated financial statement.
