Federal Antitrust Service received petition from american Halliburton about buying “Novomet”

NOVOMET
Novomet

Russian Federal Antitrust Service (FAS) received a petition by the American company Halliburton to purchase 100% oilfield services and engineering group “Novomet”, reports TASS. The US based Corporation has informed FAS of the submission of the necessary documents at the end of December 2016.

In July 2016, the main shareholder of “Novomet” — the state company “RUSNANO” announced the sale of its share of 30.76%. The minimum price for the package was set at RUB 7.5 billion with minority shareholders being Baring Vostok and Russia Partners funds. The company is engaged in production of equipment for oil production.

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2 Comments

  1. According to FAS their audit revealed that “Novomet” company is of strategic importance to Russian Federtion and falls under Federal Law N53-FZ. Halliburton proposed two times more money than competitors for RUSNANO’s share (owns 30,76%), said the head of the state-owned company Anatoly Chubais in mid-may of 2017. Halliburton claims the asset aquisition will increase orders in the segment of production.

  2. The regulator (FAS) and the government need to make sure that after the purchase of “Novomet” shares by American company there will no threat of suspension of “Novomet” production of unique equipment for offshore drilling/operations in the case of sanctions. Notification of the parties about the decision will be done only after its approval.

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