Russian billionaire buys Sibur, likely to hurry tyre unit disposal

Russian billionaire Leonid Mikhelson has reportedly concluded a full takeover of Russia’s Sibur Holding.

According to various new reports, Mikhelson upped his stake in Sibur from 50 to 57.5 per cent through his investment firm Dellawood Holdings. His partner in Cyprus-based Dellawood Gennady Timchenko is also said to have acquired a 37.5 per cent shareholding in the petrochemicals group. The remaining 5% stake is held by Sibur’s top management.

The news follows Mikhelson’s decision to buy a 25 per cent share of Sibur from the Gazprom energy group in December 2010 through Dellawood offshoot Miracle. That purchase came with an option to increase the stake to 50 per cent which Mikhelson has since taken up.

Mikhelson is believed to have plans to take Sibur public. But industry observers have also suggested that the sale could speed up plans for the disposal of Siburs non-core tyre and fertiliser operations.

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