Sistema to Compete for 25% of Russian Railways’ Freight One
Billionaire Vladimir Evtushenkov’s AFK Sistema said it plans to compete for state-run OAO Russian Railways’ 25 percent stake in OAO Freight One in October.
Sistema considers the rail industry to be attractive for investment and may become a financial investor, Julia Belous, a spokeswoman for the company, said today by phone.
JPMorgan Chase & Co. sent out preliminary sale offers at the beginning of the month on behalf of Russian Railways, Kommersant reported, citing unidentified people in the rail transportation market.
Evtushenkov’s Sistema and Vladimir Lisin’s UCL Holdings transportation company were the only companies that submitted bids, Kommersant said. The minimum price will be 45 billion rubles ($1.45 billion), the newspaper said.
UCL Holdings, which owns 75 percent of Freight One, wasn’t immediately available for comment.
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