Russian mining and steel group Mechel has announced that it has signed an agreement with businessman Vadim Varshavsky for the disposal of 100 percent of shares in Daveze Limited, which in turn owns 100 percent of shares in Ukrainian steel company Donetsk Electrometallurgical Plant (DEMZ), for a nominal sum of €2,000.
The buyer also assumes the obligation to ensure repayment of DEMZ's debt to Mechel Group for a sum of up to $81 million depending on the time of repayment. Operational management of the plant will shortly be transferred to Mr. Varshavsky. The deal is due to be closed in late 2013.
Source:
http://www.steelorbis.com/steel-news/latest-news/mechel-inks-agreement-for-disposal-of-donetsk-electrometallurgical-plant-778053.htm