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United Russian aircraft corp. to be registered in Sept. - MiG

RIA Novosti

22/08/2006 17:14 SOCHI, August 22 (RIA Novosti) - The United Russian Aircraft Corporation will be registered in September, the director general of the MiG aircraft maker said Tuesday.

Alexei Fyodorov told President Vladimir Putin that both MiG and Kazan's Gorbunov Design Bureau would be transformed into joint-stock corporations by the end of the year, and the single holding's assets would be formed by the first quarter of next year.

He also said the corporation would seek floatation on foreign markets in 2007-2008.

The head of the Federal Industry Agency, Boris Alyoshin, said that since the Russian president signed a relevant decree in February 2006, "we have proceeded according to schedule and have not lagged a single day [in the establishment of the united corporation]."

Putin said he knew there were some projects in civil aviation that failed because foreign partners insisted on 50% participation. Fyodorov said to this that now foreign partners were interested in blocking stakes - 25% plus one share.

The united corporation is supposed to unite military and civil aircraft construction enterprises. The share of the state will be not less than 75% of the stock.

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