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Renova submitted merger proposals to GekH

Renova held by V.Vekselberg submitted proposals on the energy assets merger for the consideration of Gazprom energoholding (GEkH) BOD, Kommersant informed.

Renova proposed to form an independent company with a blocking stake in its ownership. It is going to contribute T Plus's assets into the share capital of the new company. Then, this stake can be acquired by GEkH during 2022-2025.

GEkH and Renova refused from any comments. In FAS's view, the merger is of certain risk for the market as far as it can yield formation of the monopolist.

In Apr. Renova and V.Vekselberg were included into the US black list of sanctions which made the Company to appeal to the government for the business support. In particular, it concerned the T Plus/GEkH's merger.

But, in view of experts, the sanctions introduced against Renova can cover also either direct sale of T Plus stocks or their contribution into the share capital of the new company as well as any transfer of T Plus's stocks or any transactions between Renova and GEkH.

Gazprom energoholding is a vertically-integrated holding (wholly-owned sub of Gazprom). It provides control over generating companies included into Gazprom Group. It is the largest generating assets owner in Russia. The Company keeps working interest in Mosenergo, TGK-1, OGK-2 and MOEK. The Group includes above 80 power plants of 38GW and 71.2th Gcal/h. From 2007 5GW were launched in operation (Adlerskaya TES, Kirishskaya GRES). It is included into the 10-top list of the largest energetic companies in the world.

Renova Group is a leading private business group in Russia. It keeps the assets in different sectors of economy in Russia and abroad (CIS, Swiss, Italy, USA etc.). The Company has large shares in UC RUSAL, T+, Kortros, Regional Airports, OC Oerlikon, Sulzer (Swiss) and Schmolz+Bickenbach.

"AK&M", 12:03, 12.07.2018 1251 AKM,COR,ECO0


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