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12

Russia Monopoly Gazprom To Control Power Plant

Russia's monopoly Gazprom has paid $640 million to retain control of power-generating company OGK-2

Russia's monopoly Gazprom has paid $640 million to retain control of power-generating company OGK-2 in a secondary share offering that was cut drastically in size amid the global financial downturn and investor fears over the gas monopoly's growing clout.

The share offering, which closed on Friday, raised $US1.06 billion, far less than the $US1.7 billion that had been hoped for. The company said it had sold 20per cent of its issued share capital following the sale, giving the power generator a market capitalisation of $US5.3 billion.

OGK-2 is being sold off as part of a major restructuring of UES in which 20 generation companies are being spun off.. Anatoly Chubais, UES chief executive, had pressed ahead with the OGK-2 sale even as Russia's United Company Rusal, the aluminium producer, and retailer X5 said they were postponing offerings until next year due to the nosedive in investor sentiment.