Gazprom to control OGK-6 utility after new share sale
Wednesday, 26 December 2007
MOSCOW, Dec 25 (Bloomberg): OAO Gazprom, Russia's biggest company, is set to gain control of OAO OGK-6, the nation's third-largest power generator by capacity, after spending almost 21 billion roubles (US$850 million) on new shares.
The natural-gas producer paid 3.80 rubles per share for 5.50 billion shares in Moscow-based OGK-6, which represents 46.60 per cent of the new shares offered, the power company said Tuesday in an e-mailed statement.
OGK-6 is selling 11.90 billion new shares, the equivalent of a 44 per cent post-equity stake.
Gazprom, which completed the transaction via ZAO Gazenergoprom-Invest unit, had options on 51.80 per cent of OGK-6 before the sale as part of a share-swap agreement with national utility OAO Unified Energy System.
The state-controlled parent of OGK-6 allowed its minority shareholders to swap shares in units before being dismantled in July 2008.
Unified Energy's board approved July 27 the share-swap plan, which will allow Gazprom to take control of a third of Russia's wholesale electricity generation capacity, including OGK-6 and Moscow-based OAO OGK-2. The arrangement gives Gazprom influence over power supplies as far east as Siberia and in cities including Moscow and St. Petersburg.
Gazprom will own a little more than 50 per cent in OGK-6 following Unified Energy's breakup after purchasing the 5.50 billion new shares, according to Bloomberg calculations.
OGK-6, which is raising cash to build another 1,270 megawatts of capacity by 2012, did not say who acquired the other shares. The sale ends December 29.
The power generator may hold a second share sale in 2008, list in London, or auction a blocking stake to a long-term investor other than Gazprom, to raise more cash for upgrades, Unified Energy's Chief Executive Officer Anatoly Chubais said November 30.
The natural-gas producer paid 3.80 rubles per share for 5.50 billion shares in Moscow-based OGK-6, which represents 46.60 per cent of the new shares offered, the power company said Tuesday in an e-mailed statement.
OGK-6 is selling 11.90 billion new shares, the equivalent of a 44 per cent post-equity stake.
Gazprom, which completed the transaction via ZAO Gazenergoprom-Invest unit, had options on 51.80 per cent of OGK-6 before the sale as part of a share-swap agreement with national utility OAO Unified Energy System.
The state-controlled parent of OGK-6 allowed its minority shareholders to swap shares in units before being dismantled in July 2008.
Unified Energy's board approved July 27 the share-swap plan, which will allow Gazprom to take control of a third of Russia's wholesale electricity generation capacity, including OGK-6 and Moscow-based OAO OGK-2. The arrangement gives Gazprom influence over power supplies as far east as Siberia and in cities including Moscow and St. Petersburg.
Gazprom will own a little more than 50 per cent in OGK-6 following Unified Energy's breakup after purchasing the 5.50 billion new shares, according to Bloomberg calculations.
OGK-6, which is raising cash to build another 1,270 megawatts of capacity by 2012, did not say who acquired the other shares. The sale ends December 29.
The power generator may hold a second share sale in 2008, list in London, or auction a blocking stake to a long-term investor other than Gazprom, to raise more cash for upgrades, Unified Energy's Chief Executive Officer Anatoly Chubais said November 30.