Russian state-owned Gazprom's plans to become a leaders of the country's electricity industry took a step forward Tuesday as it prepares to take control of the company that supplies Moscow's electricity.
According to an announcement made by Mosenergo , Gazprom, which holds a majority stake in the multi-billion dollar company, has offered 6.50 roubles (25 cents) for the shares of minority stakeholders, 8.3% above the closing price of 6.00 roubles (23 cents) the day before. The news sent Mosenergo shares soaring by 1 cent, or 5.7%, to 24 cents in Moscow on Tuesday afternoon.
Gazprom , the country's leading exporter of natural gas, made the mandatory offer for the electricity company after it built up its stake in the company in July. Gazprom and its affiliate Gazprom bank, together hold 50.9% of the company, even though Gazprom officially holds 49.9%.
An analyst, requesting anonymity, told Forbes.com that the announcement had been expected. Gazprom had made its designs on the $5 billion company--which owns 17 power stations with a total capacity of nearly 11,000 megawatts--very clear.
The country's electricity sector is currently in the hands of Unified Energy Systems, a state-owned company. However, the Kremlin has embarked on a massive restructuring plan for the sector, which involves bringing in new investment by breaking up and selling off parts of the company.
The sale of UES, and the prospect of a foot in Russia's profitable energy sector, has attracted several foreign energy companies, despite the rough ride that they have been experiencing particularly in natural gas ventures. Germany's E.ON and Italy's Enel have both expressed interest in acquiring stakes in the sector.
According to an announcement made by Mosenergo , Gazprom, which holds a majority stake in the multi-billion dollar company, has offered 6.50 roubles (25 cents) for the shares of minority stakeholders, 8.3% above the closing price of 6.00 roubles (23 cents) the day before. The news sent Mosenergo shares soaring by 1 cent, or 5.7%, to 24 cents in Moscow on Tuesday afternoon.
Gazprom , the country's leading exporter of natural gas, made the mandatory offer for the electricity company after it built up its stake in the company in July. Gazprom and its affiliate Gazprom bank, together hold 50.9% of the company, even though Gazprom officially holds 49.9%.
An analyst, requesting anonymity, told Forbes.com that the announcement had been expected. Gazprom had made its designs on the $5 billion company--which owns 17 power stations with a total capacity of nearly 11,000 megawatts--very clear.
The country's electricity sector is currently in the hands of Unified Energy Systems, a state-owned company. However, the Kremlin has embarked on a massive restructuring plan for the sector, which involves bringing in new investment by breaking up and selling off parts of the company.
The sale of UES, and the prospect of a foot in Russia's profitable energy sector, has attracted several foreign energy companies, despite the rough ride that they have been experiencing particularly in natural gas ventures. Germany's E.ON and Italy's Enel have both expressed interest in acquiring stakes in the sector.
Via|Forbes|by Vidya Ram
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