MOSCOW, Feb. 22 (UPI) -- The majority owners of a big Russian paper mill plan to appeal a St. Petersburg court's decision regarding a block of contested company shares.
Last week the court upheld an Interior Ministry decision to "arrest" 16 percent of the shares of Arkhangelsk Pulp and Paper Mill that are owned by Pulp Mill Holding GmbH, which holds a 64.4 percent stake in APPM, the company said Wednesday.
Timur Sokolov, a legal counselor and board member of APPM, representing the interests of Pulp Mill Holding GmbH, a foreign strategic majority investor, said he believes that the arrest of the shares resulted directly from a corporate conflict with minority shareholder Base Element. That's a holding company controlled by Oleg Deripaska, a so-called oligarch ranked as the fourth-richest man in Russia, which has been waging a hostile takeover attempt for control of APPM since 2003, Sokolov said.
He said Pulp Mill Holding is "prepared to appeal to the nation's highest court to prevent a forcible takeover by predatory corporate raiders."