MSOCOW (AP) -- Russian steelmaker OJSC Novolipetsk Steel said Thursday it agreed to buy a controlling stake in OJSC Maxi-Group from its founder, Nikolai Maksimov, for about $600 million.Novolipetsk will acquire a stake worth 50 percent plus one share, the company said in a statement.
Novolipetsk Steel will make payments in two installments: the first $300 million installment will be paid after the controlling stake has been transferred, and the second $300 million installment -- which is subject to adjustment -- will be paid after completion of due diligence. I
In the first half of 2008, Maxi-Group will carry out a capital increase of about $1.2 billion to be subscribed by NLMK and Maksimov.
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