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Two bidders to fight for Liepajas Metalurgs take over sale

  • 2014-08-29
  • From wire reports, RIGA

Russian millionaire Igor Shamis who owns Luxembourg based United Group (photo:

Two major firms will fight for the take over of Latvian metal company Liepajas Metalurgs

Luxembourg based United Group owned by Russian millionaire Igor Shamis and KVV Group of the Ukraine are the final two bidders left in the race tot take over the bankrupt metal company.

Liepajas Metalurgs was declared bankrupt last year, leaving 1,500 people unemployed.

Now, insolvency administrator Haralds Velmers says there's hope for the company. A total of ten bidders originally put forward plans to take over the company including Russian Afina Pallada group and Metalloinvest owned by Russian billionaire Alisher Usmanov and Russian State Duma official, Andrei Skoch, reports.