According to Reuters, Russian Standard took control of CEDC today in exchange for $65 million in funding. Back in June, we posted that Russian Standard was eyeing a stake in CEDC, but this has gone to a new level.
Russian billionaire Tariko acquired about 28 percent of CEDC earlier this year through his companies Russian Standard and Roust Trading in a deal that was expected to help the Polish company retire looming debts.
However, Tariko in a Nov. 13 letter, said Roust Trading is no longer obligated to complete the pending deal as recent restatements by CEDC had led to a breach of the agreement.
So, this may be a CEDC takeover by Russian Standard, but with CEDC slowly drowning, a takeover by Russian Standard seems like the only way for CEDC to survive.