The Antimonopoly Committee (AMC) of Ukraine has permitted the Corporation Industrial Union of Donbas (IUD, Donetsk) to acquire stocks of the company Bidenco Limited, what will provide it with 25% votes in the highest governing board of the issuer. That was reported by the agency Interfax-Ukraine with reference to the AMC.

In particular, Director of Corporate Rights and Investments of the IUD Oleksandr PYLYPENKO informed the agency that this acquisition is connected with fulfillment of investment liabilities as regards modernization of the Alchevsk Metallurgical Integrated Works (Luhansk oblast).

Last year, the Corporation announced about large-scale plans on modernization of the enterprise.

The reconstruction program at the total value of EUR 140 million (two continuous casting machines and two "furnace-ladle" plants) will be implemented by the IUD, the Hungarian company Duferco and the Austrian firm Voest-Alpine Industrieanlagenbau.

The IUD’s investment program in the Alchevsk Metallurgical Integrated Works envisioning an almost double increase in the output of the enterprise, is planned to be completed in 2007.

The cost of the program amounts to USD 350 million.