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Anti-monopoly watchdog approves Russian aircraft corp.

MOSCOW, August 25 (RIA Novosti) - The Federal Anti-Monopoly Service approved Friday a proposal to form the state-owned Unified Aircraft Corporation (UAC).

UAC is intended to be a majority state-owned corporation consolidating aircraft-building companies and state assets engaged in the manufacture, design, and sale of military, non-military, transport and unmanned aircraft.

"While reviewing a proposal to consolidate state ownership in enterprises, we have carefully studied Russia's aircraft-manufacturing market," said Andrei Tsiganov, the service's deputy head. "We are certain that structural reforms in this sector will allow Russia to raise its competitive level on global markets and ensure the development of new aircraft."

President Vladimir Putin signed a resolution on forming consolidated aircraft-building corporation on February 21, 2006. The proposal included a clause inserted by the government that the new entity should be at least 75% state owned.

The director general of the MiG aircraft maker said Tuesday that UAC would be registered in September and the corporation would seek floatation on foreign markets in 2007-2008.

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