MOSCOW (AP) - Russia's ZAO Interros Holding will sell its stake in the nation's top turbine manufacturer to steel tycoon Alexei Mordashov, the company said Monday.
Interros will sell all of its 30.4 percent stake in OAO Silovye Mashiny, or Power Machines, according to a company statement cited by Dow Jones Newswires.
The announcement came after German engineering giant Siemens AG formally waived its pre-emptive rights to the stake, having failed to obtain approval from Russia's antitrust watchdog. Siemens already has a 25 percent stake in Power Machines.
A 2005 bid by Siemens for control of Power Machines was turned down on security grounds. A unit of Power Machines makes turbines that power Russia's nuclear submarines.
But some industry observers attribute Siemens' shutout to lobbying by rival Russian industrial groups. The industrial groups stand to be the biggest beneficiaries of a surge in orders from Russia's electricity sector as it undergoes sweeping restructuring and modernization.
Regulators have already cleared the takeover by Mordashov and another Russian tycoon -- OAO Rusal owner Oleg Deripaska.
Either one would need both the Interros sake and a 25 percent stake held by state-owned electricity monopoly RAO Unified Energy Systems to gain immediate control. UES plans to sell its stake at an auction by the end of the year.
Mordashov is the chief executive and controlling shareholder of steelmaker OAO Severstal, but he is using his own money for this purchase, rather than the company's.
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