Opportunity cost

Alexey Mordashov must be kicking himself. The Severstal boss may have got his London IPO away. But it wasn’t just a damp squib of a listing. The deal the Russian oligarch missed out on in the summer - a reverse takeover of Arcelor where he would have ended up with a premium - would have made him vastly richer. Just look at the numbers. After Severstal was chosen as Arcelor’s white knight on May 26, Severstal’s Moscow-quoted shares jumped 12% to R379.5. But now they are a mere R324, 15% below th...