Reuters via Moscow Times 21 May
Investment and trading group Summa has agreed with businessman Sergei Generalov to buy control of transportation group FESCO for about $1 billion, an industry source familiar with the deal said Friday.
Summa, involved in renovating the Bolshoi Theater, building an oil terminal in Rotterdam and exporting Russian grain, is in negotiations to buy Generalov’s 56 percent stake in FESCO.
“The deal is almost done, it’s in the final stage,” the source said, adding that it may be closed in June.
The deal, if consummated, would extend the logistical reach of Summa, an acquisitive group owned by Ziyavudin Magomedov that actively trades oil and is looking to branch into agricultural commodities.