Cyprus-registered Highstat Ltd., owned by Russian steel tycoon Alexei Mordashov, made the highest bid for the proposed stake, offering 11.8 billion rubles ($486 million), or 5.42 rubles per ordinary share, approximately 25% above the market share price. Mordashov already holds 30.4% in Power Machines.
Power Machines, Russia's leading heavy machinery manufacture, is currently owned by financial holding Interros, Unified Energy System and German electronics and engineering giant Siemens.
Russian billionaire and BasEl owner Oleg Deripaska withdrew earlier on Tuesday his offer to buy a 25% stake in Power Machines from UES, a leading business daily said.
Kommersant said Alexei Mordashov, the owner of Severstal [RTS: CHMF], Russia's largest steelmaker, was left as the only bidder.
They billionaire earlier bought 25% for $486 million in Power Machines, $2 million above the starting price and 26.5% more than the market value, the paper said.
An analyst at Kapital Investment Group, Mikhail Pak, told Kommersant: "the deal can hardly be called transparent, and its outcome must have been decided in advance."
