EXCLUSIVE: RUSSIA: Severstal reportedly buys into engine-maker ZMZ
Auto industry consolidation continues in Russia: metals group OAO Severstal reportedly has accumulated a key stake of 26% in AO Zavolzhsky Motorny Zavod (ZMZ), a big engine supplier there. Severstal, Russia's biggest integrated steel producer, may have paid roughly $10m for the shares, according to an estimate by Troika Dialog, a brokerage in Moscow.
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