Russian billionaire Leonid Mikhelson has concluded his planned full takeover of Russia’s leading polymers and petrochemicals company Sibur Holding, through his investment firm Dellawood Holdings, as per EuropeanPlasticsNews. Value of the latest takeover deal has not been formally disclosed. Mikhelson has raised his stake in Sibur from 50% to 57.5%, his partner in Cyprus-based Dellawood and energy trader Gennady Timchenko acquired a 37.5% shareholding in the petrochemicals group. The balance 5% stake is held by Sibur’s top management.
In December 2010, Mikhelson, head of Russia’s leading non-state owned gas producer Novatek, bought a 25% share of Sibur from Gazprom energy group, through Dellawood offshoot Miracle. That purchase came with an option to increase the stake to 50% which Mikhelson took up early this year. Mikhelson was attracted to Sibur because of Russia’s ample feedstocks, its expanding market and a domestic undersupply of petrochemical products.