4 February 2008
The Lawyer: EPAM opens door for Rostar takeover

EPAM opens door for Rostar takeover

EPAM succeeded where US law firm Dewey & LeBoeuf failed by securing permission for the sale of a can manufacturer from Russia's Federal Antimonopoly Service (FAS).

The Russian firm, with additional advice from Allen & Overy, managed to overturn the decision by the FAS, bringing a halt to UK packaging company Rexam's takeover of can-maker Rostar.

Rexam's first attempt to buy Rostar in July 2007 was scuppered when the application for clearance was rejected because the FAS felt it caused a monopoly. EPAM was then brought in, on its first instruction from Rexam, to persuade the FAS that the acquisition posed no threat to beverage makers due to a lack of competition.

The firm argued that the limited impact on competition in the market was outweighed by the benefits to the Russian economy.