Russian United Aircraft Corp to take over Sukhoi fighter manufacturer Irkut
25 Mar 2008
Moscow: United Aircraft Building Corp (UAC). announced Monday that it will take control of aircraft manufacturer, Irkut, through the purchase of the remaining 50 per cent stake in the company for $456 million. United Aircraft has offered to buy 488 million shares at $0.93 per share. United Aircraft already holds a 50 per cent stake in Irkut.
Shareholders of the balance 50 per cent stake have up till 11 June to accept the offer.
Irkut, which manufactures Sukhoi fighter jets, garnered $127 million in an initial public offering of 23 per cent of the company in 2004.
In 2005, European Aeronautic, Defence & Space Co, parent of Airbus SAS, acquired a 10 per cent stake in Irkut for about $65 million.
Outgoing Russian president Vladimir Putin established the UAC to help revive Russia's aviation industry.
