Federal Antimonopoly Service (FAS of Russia) has approved the petition of United Shipbuilding Corporation (USC) to acquire a 88.32-percent stake of the voting shares of Baltiysky Shipbuilding Plant and 75.82% of voting shares of Severnaya Verf Shipyard, the FAS press release said.
Both petitions were filed on Jan. 19, 2011. As a result of the buyout deal the United Shipbuilding Corporation will become the majority holder of Severnaya Verf’s stock (total 96.78% of voting shares).
The antitrust agency notes the transaction may result in restricting competition on the market shipbuilding of vessels with displacement of up to 100,000mt and 12,000mt.
Both petitions were filed on Jan. 19, 2011. As a result of the buyout deal the United Shipbuilding Corporation will become the majority holder of Severnaya Verf’s stock (total 96.78% of voting shares).
The antitrust agency notes the transaction may result in restricting competition on the market shipbuilding of vessels with displacement of up to 100,000mt and 12,000mt.
The FAS said the decision to approve the petitions is valid only in conjunction with the agency’s order on a series of actions aimed at preventing the abuse of dominant position on the shipbuilding market.
State-controlled United Shipbuilding Corporation, founded in 2007, incorporates three regional shipbuilding, repair and maintenance assets: JSC Western Shipbuilding Center (St. Petersburg), JSC Northern Center of Shipbuilding and Ship Repair (Severodvinsk), JSC Far Eastern Center of Shipbuilding and Ship Repair (Vladivostok), as well as leading marine design offices. USC holds a 50-percent stake in Arctech Helsinki Shipyard and also has a JV with STX Finland Cruise Oy.
JSC Shipbuilding Plant "Severnaya Verf" (Northern Shipyard, St. Petersburg) is one of the leading companies of the Russian defense industry. The firm has been part of United Industrial Corporation (Moscow) since 2004. The shipyard specializes in building warships and merchant vessels of various purposes.
St. Petersburg-based JSC Baltiysky Shipbuilding Plant (part of United Industrial Corporation, UIC) is one of the largest shipbuilding enterprises in Russia. The company specializes in the construction of nuclear-powered or diesel icebreakers and ice-class vessels, heavylift vessels for shipping various cargo and warships. The company manufactures a wide range of engineering products, power equipment. It is also a supplier of ferrous and steel castings.