handed and grasping, but he did not believe they were out to seize control of other private businesses. "They are grabbing their piece of the pie but I do not see a mass asset grab," said the manager, who works for a prominent Russian business concern and asked not to be identified. Russia may be evolving towards an Asian pattern of economic development, where the state intervenes heavily in strategic industries but foreign investors are welcome if they seek government approval for their ventures, said one investor. "If you are a big foreign investor you make your deal at the top," said Tim Ash, an emerging market strategist with Bear Stearns in London. "There are a lot of similarities with China, but they (the Kremlin) need to reassure foreign investors that they have a role and to spell out what the economic model is." Rosneft is due to be merged with state gas monopoly Gazprom , which was itself the favourite to buy Yugansk but was barred by a U.S. court after YUKOS filed for bankruptcy protection in Houston, in a last-ditch move to save itself. The next hearing in the bankruptcy court was scheduled for Jan. 6. --More 1836 Local Time 1536 GMT
