Russian steel magnate Alexei Mordashov became a co-owner of Power Machines, having purchased a 30.42-percent stake in the Russian power equipment maker for around $470m, despite the stake`s market price of $510m.

Oleg Deripaska`s investment holding Basic Element, which is also eyeing a stake in the company, is still poised to purchase Power Machines` shares, expected to be sold by RAO UES by the year-end, the RBC Daily newspaper reported today.
sections: Economics