2012.07.09 | Russian antitrust OKs AFK Sistema unit to buy 44% in JV with RZ AgroRussia’s Federal Antimonopoly Service (FAS) has cleared Eсu Gest Holding S.A., a unit of domestic multi-industry financial corporation AFK Sistema, to acquire a 44.19% stake in RZ Agro Holding Ltd., according to the antitrust service’s system released Thursday.
RZ Agro Holding Ltd. is a joint venture of AFK Sistema and RZ Agro Ltd.
As a result of the deal, along with striking a shareholder agreement, Eсu Gest Holding S.A. is to receive rights to determine the business operations of Russkaya Zemlya, or Russian Land, a unit of RZ Agro Ltd.
Moreover, the regulator also approved Russkaya Zemlya’s application to fully acquire two agricultural companies located in the Rostov Region.
AFK Sistema and RZ Agro Ltd., controlled by France’s Louis Dreyfus, established RZ Agro Holding Ltd. in April. The joint venture is managed on a parity basis. It was reported earlier, that AFK Sistema would hold a 50% stake in the joint venture by 2013 on fulfillment of certain conditions.
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