RAO UES of Russia has withdrawn from the authorised capital of OJSC Power Machines, according to a press release of the holding company. The operation for writing 25% of Power Machines shares off the RAO UES of Russia account was performed on December 3 this year. On November 30, 2007, RAO UES of Russia signed a Power Machines blocking interest sale agreement with Highstat whereof the beneficiary is Alexei Mordashov. The agreement was signed as part of the procedure for a competitive sale of the holding company-owned blocking interest (25% plus one share) in the Power Machines corporation in favour of a Russian strategic private investor. As a result of an analysis of the price offers, the offer of Highstat Ltd. whereof the ultimate beneficiary is Mr Mordashov was recognised the best. RAO UES of Russia intends to accept the Highstat Ltd. Offer. For the Power Machines shareholding put up for sale Highstat offered the highest price of 11.80 billion roubles ($486 million) or 5.42 roubles per ordinary share, which is approximately 25% higher than the market quotations for the corporation's shares. The Power Machines corporation specialises in manufacturing and supplying equipment for hydraulic, thermoelectric, gas-fired, and nuclear power plants, for the transmission and distribution of electric power, and for the transport sector, including railways. Equipment manufactured by the corporation's facilities is installed in 87 countries. |
