Russia's buying spree continues
Riding the high commodity prices, Russian companies shop for acquisitions abroad. Only last week, the Evraz Group, controlled by the oligarch Roman Abramovich, offered $2.3 billion for Oregon Stell Mills (OSM). This acquisition follows the trend of strengthening and consolidation of other Russian core industries like the oil and natural gas industries.
Whether this trend will be beneficial to Russia's economy remains to be seen. The scepticism however, appears to be growing. In their coutry analysis released today, the Organization for Economic Cooperation and Development (OECD) was critical of the cozy relationship between Moscow and the industry. According to the report, the growing nationalization and consolidation could (read the trend is so strinking that the use of euphemisms is no longer sufficient) lead to corruption and inefficiencies. The striking example, of course, is Gazprom which follows the course of quick acquisitions of related and unrelated businesses, whose operational efficiencies, however, are not on par with its competitors from the developed world.
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