The UES Board of Directors is going to discuss at Fridays meeting the issue relating to the form, deadline and terms for the sale of an equity position in Power Machines, which is owned by the energy holding. We believe that the stake should be sold as part of tender procedures. The price will be discussed at the BoD meeting the energy holdings spokesman told Finam.ru. The UES representative pointed out that, as UES executives think, this block of shares should be divested in favor of a Russian strategic investor.
For the record, Russian electricity monopoly UES owns a blocking stake in Power Machines, German concern Siemens also owns 25% and 30.4% is in the hands of Interros. In late July Interros forwarded a notice to UES and Siemens of its aspiration to sell its 30.4% interest in Power Machines. In accordance with the earlier signed agreements, UES and Siemens enjoy the right of first refusal with regard to Interros interest in Power Machines. If no party exercises the pre-emptive right within the deadline prescribed by law, Interros will strike a transact with a third party.
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[Source: Russian Stock Market Blog]
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