Russian billionaire Viktor Vekselberg’s Renova Group, has cemented control of Sulzer AG after a tender offer raised its stake in the Swiss supplier to oil and gas companies, to almost two thirds of outstanding shares. The company market cap 3.29 billion Swiss francs ($3.36 million).
Renova holding rose to 62.86 percent, the company said in a statement Monday. Renova also holds stakes in Swiss equipment companies OC Oerlikon and Schmolz+Bickenbach.
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Renova triggered a mandatory tender for the rest of Sulzer on Aug. 3 after increasing its stake beyond one third.
Vekselberg sold out from oil business in 2013. Together with a partner Len Blavatnik he still controls almost 16 percent of shares in United Co. Rusal, one of the world’s largest aluminum producers. The Swiss investments are his biggest international assets, Bloomberg reports.
The Sulzer transaction requires approval from competition authorities which could lead to delays in settlement, Renova said.
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