RUSSIA: Interros announces plans to sell 30.4% stake in Power Machines -1

Russian private investment group Interros informed the main shareholders in Power Machines Friday that it planned to sell its 30.4% stake in the leading heavy machinery manufacturer.

Russian electricity monopoly Unified Energy System and Germany's Siemens have first option on acquiring the Interros stake in Power Machines (Siloviye Mashiny) [RTS: SILM].

"If neither company uses its right [to buy the stake], Iterros will strike a deal with a third company," the investment group said in a news release.

Power Machines produces, services, and upgrades equipment for steam, nuclear, hydro, and gas turbine power plants.

Minority shareholders account for about 19.5% of the company. Major shareholders are Unified Energy System (25% plus one share), Siemens (25% plus one share) and Vladimir Potanin's Interros (30.4%, voted by UES). The company has clients in 87 countries.

Via: Russian News Information Agency

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