Sibur gives up plans for MBO

The Russian chemical major said today it will not relaunch plans for management buyout. According to ICIS news, its CEO Dmitry Konov ruled it out due to the recession. He said the $5.4bn deal is now “off the agenda”.

I remember the last time Sibur managers tried to do an MBO, back in 2002. It all ended acrimoniously and with some of the management team being arrested.

Being an executive in Russian chemicals can be a dangerous job.

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