The Government It approved the sale of 40% of “Irkutskenergo” the structure of Oleg Deripaska. As a result, the billionaire consolidates 90% of the largest energy companies in Siberia
Government approval
A subsidiary of En + Group of Oleg Deripaska “Evrosibenergo” in the near future will buy 40.007% of the shares ” Irkutskenergo “the” Inter RAO “. On Thursday, May 12 Deputy Energy Minister Vyacheslav Kravchenko said that the deal is close to closing: it is approved by the Government, the assessment of satisfied buyers and sellers
A source close to the “Inter RAO”, confirms that prime. Minister Dmitry Medvedev on Wednesday signed a government decree on approval of the transaction. “The cost has roughly understood. If now the company will all conciliatory measures – approved by the Board and the board of directors, just come out somewhere in two or three weeks “- he says
A member of the government staff said that Medvedev has not yet signed any papers. but will do so in the near future. Representatives of the government, “Evrosibenergo” and “Inter RAO” declined to comment
Power plants “Irkutskenergo” -. 12.9 GW. It is the largest energy company in Siberia. “Inter RAO” received the package in “Irkutskenergo” from the “RusHydro” government decree in late 2010 and immediately announced plans of sale, since this share does not allow operational control of the company. Even in 2013, Medvedev signed a decree on the fact that 40% of “Irkutskenergo” the “Inter RAO” redeem “Rosneftegas”, but the deal never took place.
«Evrosibenergo” already owns a controlling stake in the company and Irkutsk with the purchase of shares in “Inter RAO” will bring its stake to 90%. During the joint ownership of the two largest shareholders are not just disagreements on strategy development and management of financial flows of the company. For example, in late 2015. “Inter RAO” filed a lawsuit to the general director of “Irkutskenergo” Oleg Prichko for the recovery of almost 200 million rubles. Such damage, according to the plaintiff, the company has suffered because of the failure of “Irkutskenergo” to buy out “Evrosibenergo ’3.14% stake in Krasnoyarsk hydroelectric power station for the price two times lower than the market.
The” Evrosibenergo “and” Inter RAO “have different views on the development of the company, said analyst Gazprombank Matthew Thais. Sale of “Inter RAO” their share “Evrosibenergo” allow “Irkutskenego” to invest in those projects that are “Evrosibenergo ‘needs.
Energy for« Rusal »
for Deripaska “Irkutskenergo” – the underlying asset, which is the largest supplier of electricity for aluminum production group in the region, continues to Thais. In Siberia, in UC Rusal located Novokuznetsk, Sayanogorsk, Khakassia, Krasnoyarsk, Irkutsk and Bratsk smelters. UC Rusal representative said that one of the main consumers of “Irkutskenergo” is Bratsk plant.
The price of the transaction, RBC interlocutors do not call. As at 19:00 on the Moscow stock exchange 40% “Irkutskenergo” worth 37.18 billion rubles. “Interfax” referring to the materials for the meeting “Irkutskenergo” shareholders reported that the company was valued for the transaction to 71.5 billion rubles. With this in mind, it turns out that belonging to “Inter RAO” 40% of shares of “Irkutskenergo” estimated at 28.6 billion rubles. However, a senior federal official said that “Evrosibenergo” pay more than 30 billion rubles.
According to the law on joint stock companies “Evrosibenergo” will have to offer to minority shareholders of “Irkutskenergo” to redeem their shares. The offer price may not be lower than the average for the past six months. On December 12, 2015 on May 12, 2016 the average cost of the company’s shares on the Moscow Stock Exchange amounted to 11.62 rubles. Thus, the cost of “Evrosibenergo” may exceed 5.4 billion rubles.
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