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Interros announces plans to sell 30.4% stake in Power Machines

Russian private investment group Interros informed the main shareholders in Power Machines Friday that it planned to sell its 30.4% stake in the leading heavy machinery manufacturer.

Russian electricity monopoly Unified Energy System and Germany’s Siemens have first option on acquiring the Interros stake in Power Machines (Siloviye Mashiny). “If neither company uses its right [to buy the stake], Iterros will strike a deal with a third company,” the investment group said in a news release. Power Machines produces, services, and upgrades equipment for steam, nuclear, hydro, and gas turbine power plants.

Minority shareholders account for about 19.5% of the company. Major shareholders are Unified Energy System (25% plus one share), Siemens (25% plus one share) and Vladimir Potanin’s Interros (30.4%, voted by UES). The company has clients in 87 countries. (