The Russian Federal Antimonopoly Service (FAS) has recently refused to approve various acquisitions of Russian companies by concluding that the acquisitions will limit competition in the relevant Russian market. An overview of the blocked deals is set out below. Siemens / Power Machines (Silovie Mashiny) Earlier this year Siemens (a 25% shareholder in Power Machines) applied to the FAS for a second time for permission to acquire a controlling stake in Power Machines by increasing its current stake. On 12 September 2007, the FAS declined to consent to the acquisition. Having reviewed the application and analyzed the competitive situation in the relevant Russian markets, the FAS established that Power Machines holds a leading position in the market for power-generating equipment for

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