Enel will share the Russian power with the European Reconstruction and Development BankItalian Enel has found a way to return a part from ˆ2 mlrd, enclosed in the Russian power. The concern has made the decision on sale of 7 % from 60 % of actions OGK belonging to it almost - to 5 European bank of reconstruction and developments (European Reconstruction and Development Bank) and the International financial corporation (IFC). Italians expect to gain from the transaction not less ˆ305 million though market cost of this package ˆ226 million
Yesterday the Italian concern Enel has presented results of last fiscal year in London. The concern has quite successfully finished year: its net profit in comparison with 2006 has grown on 31 %, to ˆ3,97 mlrd, the gain - on 13,4 %, to ˆ43,67 billion Enel considers as the Basic events of the last year share acquisition in Spanish Endesa and Russian OGK - 5. However simultaneously the concern has informed that sells 7 % of actions OGK - 5 European Reconstruction and Development Banks and IFC. The decision on it was accepted on March, 12th, the prospective sum of transaction, according to Enel, makes ˆ305 million
Enel has bought 25,03 % OGK - 5 in June of last year, having paid hardly more ˆ1 billion It not the first Russian active of Italians: Enel 40 % of actions " already own; Severenergii “ and 49,5 % of actions “ Rusenergosbyta “ (the largest owner of the company - group of unified social tax of Grigory Berezkina). After acquisition the block - package OGK - 5 Enel has increased the share in genkompanii to 29,99 %, having bought in addition actions in the market. After Enel has finished the obligatory offer on the repayment of actions OGK - 5, its share in the power company has made 59,8 %. In total company has spent for control reception in OGK - 5 nearby ˆ2 billion
According to head Enel of Fulvio Konti, OGK - 5 will play an important role in concern development. Till 2012 in the power company it will be constructed about 2 thousand MVt of new capacities. Itself Enel will increase the capacities from 131,4 thousand to 335 thousand MVt. It is interesting that the concern plans to change by 2012 and the fuel balance: The coal share in it should increase with 28,6 to 29,1 %. The atomic engineering share also should increase with 8,1 to 10 %, but the gas share should become almost twice less - today it is equal 20,3 %, and in 2012 should decrease to 10,9 %. Thus changes hardly to concern OGK - 5: all 2 thousand MVt of new capacities under the decision of board of directors of the Russian Open Society “ UES of Russia “ should be constructed on gas.
the decision on share sale in OGK - 5 Fulvio Konti name “ very logical “. “ the European Reconstruction and Development Bank became the owner of 1 % OGK - 5 in 2006 during carrying out dopemissii, and representative IFC is in board of directors OGK - 5 as the independent director, - head Enel has explained. - Besides, the transaction will allow us to lower debt loading with OGK - 5 “. Fulvio Konti has added that within 15 days Enel declares a name of new general director OGK - 5. The present head of the company Anatoly Bushin should leave it on March, 31st. “ The new general director Russian, works for a long time in power “ - mister Konti has noticed, however to name the candidate has refused. According to the director of Fund of power development Sergey Pikina, the trustee of the Russian Open Society " could become one of the most real candidates; UES of Russia “ Alexander Chikunov as it supervised that division of power holding into which entered OGK - 5, and is well familiar with company activity. However in power holding this information deny.
analyst IK “ Sovlink “ Ekaterina Tripoten notices that occurrence in the capital of the companies of the European Reconstruction and Development Bank - usual practice. As Enel there are no means for financing of the investment program of the power company. During the moment when to the companies it was spent IPO, investment program OGK - 5 made 25 mlrd rbl., and money has been involved 11 mlrd rbl. Now the investment program is increased to 75 mlrd rbl. (more than $3 mlrd). “ Enel, involving in capital OGK - 5 these companies, saves, - madam Tripoten speaks, - because it does not need to put own means in the investment program, and it is possible to close requirements money from sale “.
By estimates of analyst IK “ Uralsib “ Matveja the Thai, the price which will be paid by financial institutions for 7 % OGK - 5, corresponds to that that Enel itself has paid last summer. Market cost of these actions made yesterday ˆ226 million, that is on 35 % it is less. “ In my opinion, this sale is important for minority shareholders Enel (at concern of their 1,7 million - “ “ ) “ - mister Tajts speaks. It explains that management Enel thus proves to the investors investment appeal OGK - 5 which actions can be realised with the essential award to the market.