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Sistema wins right to buy OJSC Donskoe

A deal has been agreed that will see Sistema take over OJSC Donskoe for just less than £10 million.

11 November 2011

Russian firm Sistema has won the right to acquire 100 per cent of grain producer OJSC Donskoe.

The former will pay the state 476.5 Russian Roubles (£9.7 million) to take over the latter and it comes after an open auction was held in order to decide which company would be picked.

Sistema may have used negotiation skills to ensure it was able to usurp its rivals and it noted the transaction is in line with the organisation's policy of expanding into different sectors.

Provided the necessary documentation is complete in time, the sale is expected to go through in December.

Speaking after the announcement of the acquisition, Mikhail Shamolin, president and chief executive officer of Sistema - which was formed in 1993 - stated with production costs of grain so low at the moment, exporting has become very popular.

"We believe that our domestic agricultural sector has great potential," he added.

Posted by Edel Quinn

Source: Sistema press release, November 11th
 

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