When financier stephen Jennings decided three years ago to bid for a chunk of Russia's VSMPO-Avisma, the world's top titanium producer, it meant going head-to-head with Viktor Vekselberg, one of the country's most powerful oligarchs. Jennings, who runs Renaissance Group in Moscow, was unbowed and ultimately led investors in acquiring 41% of the Boeing and Airbus supplier.rnA year later Jennings gave up the stake he'd fought so hard to acquire, missing out on the fat profits from a planned public sale. What changed? This time it was the Russian state hankering for the investor group's VSMPO holdings. Jennings handed them over, but not before haggling for months to get the best price.rn"We don't want to be in conflict with the state," Jennings says. "But you have to fight your corner."
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