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Siemens Sells Power Machines Blocking Stake, Kommersant Reports

Siemens AG sold a blocking stake in OAO Power Machines, Russian billionaire Alexey Mordashov’s turbine producer, for no more than $280 million, below the market price, Kommersant reported today, citing an unidentified person familiar with the terms of the transaction.

The stake was sold in December to Highstat Ltd., which is controlled by Mordashov, helping it to consolidate 95.3 percent of the turbine producer, the newspaper said.

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