Abramovich Acquires 50% of European Bearing

Resource from: CBCC Likes:2932

May 22,2008

Billionaire Russian oligarch, Roman Abramovich, has reportedly purchased a 50% stake in Moscow-based European Bearing Corp. The purchase came via his main asset management company, Millhouse Capital. Millhouse and several others like it have been set up to manage Mr. Abramovich's considerable wealth, currently estimated at more than USD $19 billion. European Bearing Corporation is the largest bearing manufacturer in Russia, with a 50%+ market share, and 30% of the CIS market. Although analysts estimate EBC may be worth upwards of $600 million, its debt load had put the company in violation of loan covenants and financials do not comply with IFRS standards. EBC's founder and president is Oleg Savchenko; he and Mr. Abramovich have shared business and political relationships in the past. EBC, like many Russian companies similarly owned and controlled, is "highly reluctant" to disclose specific ownership details. Similarly, the value of Mr. Abramovich's investment was not disclosed.

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