TMK consolidates 100% in ChelPipe acquiring 2.3679% from minorities

MOSCOW, Oct 22 (PRIME) -- Russian oil and gas pipe producer TMK has consolidated 100% in Chelyabinsk Pipe Plant (ChelPipe) by closing a mandatory buyback of a 2.3679% stake from the minority owners at 318.26 rubles per share, the company said in a statement on Friday.

TMK closed the acquisition of an 86.54% stake in ChelPipe for 84.2 billion rubles in March. The company bought the stake from the company’s core owner Andrei Komarov, but Rimera, the oil servicing division of ChelPipe, was spun off and was not part of the deal. The minorities of ChelPipe submitted an 11.095% stake in the plant for TMK’s mandatory buyback in late June, with the buyback price being 318.26 rubles per share.

(70.9904 rubles – U.S. $1)

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