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Russia IES buys TGK-7, to give control to Gazprom

Thu May 15, 2008 9:19am EDT

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MOSCOW, May 15 (Reuters) - Russia's former electricity monopoly Unified Energy System (UES) EESR.MM said on Thursday it had sold a 32 percent stake in power firm TGK-7 (VTGK.MM) to a unit of Intergrated Energy Systems IES, giving it control.

IES is the investment vehicle of metals and oil magnate Viktor Vekselberg, and is paying 2.848 roubles per share for the TGK-7 stake.

A source close to the deal told Reuters on Thursday that Vekselberg's company will transfer control of TGK-7 to gas export monopoly Gazprom (GAZP.MM) this autumn. IES' bid for the TGK-7 stake was made jointly with Gazprom. (Reporting by Olga Popova, Writing by Simon Shuster)



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