Court Rejects UMMC’s Claim
5 October 2011 (11:39)
UrBC, Moscow, October 4, 2011. Moscow Arbitration Court ruled in favor of the decision taken by Russia’s Federal Antimonopoly Service: the agency did not allow Ural Mining & Metallurgical Company (UMMC) to take over Revda-based non-ferrous metal processing plant called RZOTzM, the Russian Agency for Legal & Court Information’s representative reports from the court room.
UMMC asked the FAS to agree to the company buying 100% of Cyprus-based Shatravan Holdings Limited (the plant’s primary owner), but the agency rejected the application in October 2010, whereupon UMMC took the case to arbitration court, asking to rule out the FAS’s decision as invalid, the Russian Agency for Legal & Court Information notes.
The FAS representative explained in court that if the transaction should go through, UMMC’s share on the rolled copper, brass, and bronze products will exceed 35%, and its share on the rolled copper and nickel products will come to more than 50%, which might result in limited competition on the respective commodities markets.
UMMC asked the FAS to agree to the company buying 100% of Cyprus-based Shatravan Holdings Limited (the plant’s primary owner), but the agency rejected the application in October 2010, whereupon UMMC took the case to arbitration court, asking to rule out the FAS’s decision as invalid, the Russian Agency for Legal & Court Information notes.
The FAS representative explained in court that if the transaction should go through, UMMC’s share on the rolled copper, brass, and bronze products will exceed 35%, and its share on the rolled copper and nickel products will come to more than 50%, which might result in limited competition on the respective commodities markets.
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