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Russia’s anti-monopoly body allows Italy’s Enel to buy OGK-5

Deals

Russia’s Federal Anti-Monopoly Service (FAS) has given Italian power company Enel SpA authorization to acquire over 70% in the wholesale generating company OGK-5, sending the latter’s shares 8% up on the Moscow Interbank Currency Exchange.

Federal Anti-Monopoly Service spokeswoman Irina Romannikova said the service issued its decision August 16. Enel SpA currently holds around 30% in the generation company, which is controlled by Russian electricity monopoly Unified Energy System (UES). On June 6, the Italian firm acquired a 25.03% stake in OGK-5 at an auction. Enel offered 39.2 billion rubles ($1.5 billion) for the asset, against a starting price of 24.7 billion rubles ($953 million).

OGK-5 includes four thermal power plants with a total capacity of about 8,700 mW, and is one of the best assets spun off from UES. The acquisition made Enel the largest foreign player on the Russian energy market, and the company said it would look to increase its stake. (rian.ru)

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