Rus News Journal

On OGK - 5 while is not present wishing

demands for 25 % of actions has not arrived

First two days from the moment of the beginning of demands acceptance for acquisition of a block share holding of generating company OGK - 5 have not brought results. As has told daily a source close to the transaction, anybody from investors has not brought the pledge necessary for participation in auction. Experts do not doubt that to 25 - to percentage share holding OGK - 5 will be very much a great interest among investors, which, as a rule, “ wake up “ more close to the beginning of the auctions.

Russian Open Society board of directors “ UES of Russia “ on February, 9th has approved sale of 25,03 % of actions OGK belonging to holding - 5 for attraction of the strategic investor in the company and investment resources in elektro­ - power­. The initial price of a prize - 24,658 mlrd rbl. As a result a Russian Open Society share “ EUROPEAN ECONOMIC COMMUNITY “ in authorised capital stock OGK - 5 will decrease with 75,03 to 50 %.

As investment advisers for package sale consider, a consortium of banks Merrill Lynch and Alpha bank, OGK - 5 represents unique possibility of acquisition of a large active in the Russian electric power industry. “ strategic investor OGK - 5 will have an opportunity actively to participate in process of transformation of the Russian electric power industry “ - investment bankers consider. Presence of the strategic partner, in their opinion, will help the company to use to the full the essential advantage in time before competitors and to derive the maximum benefit from trade in the free market.

However, while strategists in the company do not hasten. According to the schedule of auction which under the decision of board of directors of power holding will take place on June, 6th, the potential buyer will have possibility to spend legal and financial check of the company in an information room which will work from April, 2nd till May, 28th. But first two days when organizers have begun demands acceptance and pledge on participation in auction on sale of 25 % of actions OGK - 5, yet have not brought results - anybody has not shown the interest. “ however interested it is a lot of “ - the interlocutor daily has underlined.

As branch analysts agree, strategists become more active from the middle of May, is closer to auction. “ in general strategic investors very aggressively are adjusted concerning increase the - go presence at electric power industry. I think, the greatest price for block package OGK - 5 can offer or Michael Prokhorov`s new power structure, or a consortium “ Gazprom “ and SUEK “ - Simeon Birg from IK " considers; finam “. By its estimation, under current market quotations the company block package can be estimated in 1,2 mlrd dollars, and taking into account the award for a large package and competitive character of auction investors will be ready to pay the sum of an order 650 dollars For 1 kw of the established capacity - 1,4 mlrd dollars, or on 15 % above current market prices.

Stanislav Kleshchev from VTB 24 believes that 25 % of actions OGK - 5 Russian Open Societies “ UES of Russia “ can quite sell to the foreign strategist. In particular, Italian Enel. In - the first, in its opinion, foreigners ­ accept the size of a package exposed on sale - blocking while the Russian strategists are interested only in the control. “ in - the second, taking into account past IPO OGK - 5 this company is the most familiar for foreign investors “ - analyst VTB 24 believes.

However, for bolshej appeal the power holding considers possibility of sale of 50 % of actions OGK - 5 what the financial director of the Russian Open Society " recently declared; EUROPEAN ECONOMIC COMMUNITY “ Sergey Dubinin. However, to experts it sees improbable. “ while the Russian Open Society “ EUROPEAN ECONOMIC COMMUNITY “ Has not solved a serious problem - warranting of target use involved during IPO means from new proprietors “ - the general director of the company " has told daily; Technologies of corporate governance “ the Novel of Goats. In particular, “ Nornikel “ received during recent placing OGK - 3 control over this power company, is not going to limit itself (as that it would be desirable the Russian Open Society “ EUROPEAN ECONOMIC COMMUNITY “) in questions of realisation OGK - 3 investment politicians. Therefore, according to Romana Kozlova, nereshennost this question can be an essential obstacle in a way of a full exit of holding from the generating companies, in particular from OGK - 5.