Today in Russian Business – May 22, 2008

Essar Steel Holdings may raise its offer for US-based Esmark after Severstal matched the Indian steelmaker’s bid. Internet firm is planning a $2 billion flotation in London this summer. Gazprom’s media arm has sold its majority stake in the Izvestia newspaper to a firm linked to a businessman reported to be a close ally of Prime Minister Vladimir Putin. The government revealed that consumer prices have risen by more than 7% since the start of the year. Bombardier, the world’s second-largest train maker, has agreed to design and build locomotives in Russia in a joint venture with railcar maker Transmashholding.