Metinvest to acquire United Coal
Friday, 07 Nov, 2008
According to documents submitted to the Bulgarian competition authorities Metinvest, part of the sprawling empire of
Ukrainian billionaire Mr Rinat Akhmetov aims to buy US miner United Coal.
Speculation that steel producer Metinvest could buy the firm have circulated in Ukrainian media in recent weeks, but the
company had declined to comment. Neither Metinvest nor United Coal was immediately available for comment.
Ukrainian agencies have reported that the deal was worth USD 2.5 billion.
The commission said in a statement “Bulgaria's Commission for Protection of Competition has been informed of the
intention of Dutch-registered Metinvest BV to acquire United Coal Company LLC by buying 100 percent of its capital.”
Under standard antitrust rules, Metinvest had to inform the Bulgarian authorities because it has interests in the country by
owning Promet Steel.
The proposed deal comes at a time when metal companies have been hit by the double whammy of steeply falling steel prices
and a credit crunch that has made borrowing extremely expensive or impossible.
For more news visit at www.steelguru.com