Business | Shipping
OGK-1 says Dubai World is not the only bidder
Russian firm OGK-1 said on Monday there was a second potential buyer for a controlling stake in the company and a previously announced deal involving Dubai World was conditional.
- Reuters
- Published: 00:09 July 8, 2008
Moscow: Russian firm OGK-1 said Monday there was a second potential buyer for a controlling stake in the company and a previously announced deal involving Dubai World was conditional.
"There is another potential buyer. It is a consortium of Russian and foreign companies which are now working out the structure of the deal. They have shown a very serious interest," said OGK-1 Chief Executive Vladimir Khlebnikov.
Anatoly Chubais, who headed the former state power monopoly of which OGK-1 was a part said Dubai World was guaranteeing $100 million of investment in OGK-1 as part of a $5.3 billion bid for the company.
"The Dubai fund in its preliminary agreement said it is ready to conduct very serious due diligence. This will take about two months," Khlebnikov said.
More from Shipping
More from Business
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
