Mechel Wins Vanino Port Stake Tender With $500 Million Bid

OAO Mechel, Russia’s largest coking coal producer, won a tender for 55 percent of OAO Vanino Commercial Sea Port on the Pacific coast, outbidding investor Oleg Deripaska’s En+ Group.

Mechel offered 15.5 billion rubles ($500 million) for the government’s stake, beating six competitors, VTB Capital, the sale organizer, said today in a statement. The winning bid was 10 times higher than the minimum price, the bank said.