OREANDA-NEWS. June 09, 2010. Three companies submitted bids for Luhanskteplovoz (UX: LTPL UK). Among them are Bryansk Machinery (part of Transmashholding), Cyprus-registered offshore Mantara Holding (affiliation unknown) and Sumy Frunze (part of Energy Standard, Konstantin Grigorishyn`s holding). Auction is scheduled to take place on 15 June 2010, starting price is announced at UAH 400 mln for the 76% stake (UAH 2.40 per share).

Concorde Capital: Energy Standard group’s participation in the bidding for Luhanskteplovoz comes as a surprise to us. Given that Konstantin Grigorishyn specializes on power machinery and has no business related to transport segment, we don`t see Konstantin Grigorishyn as a long-term investor in Luhanskteplovoz. We continue seeing Transmashholding, main locomotive supplier in the CIS, as the only bidder for Luhanskteplovoz able of realizing synergies in both cost-cutting and sales generation if it acquires Luhanskteplovoz.