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INTER RAO YEES OAO in Talks with KES Holding, Strategic Investors to Sell TGK-6 OAO and Volzhskaya TGK OAO-Interfax


Tuesday, 25 Jun 2013 03:39am EDT 

Interfax reported that Russian energy company INTER RAO YEES OAO is in talks to sell its blocking stakes in generating companies TGK-6 OAO and Volzhskaya TGK OAO (TGK-7 OAO ) with the main owner of these companies - KES Holding - and strategic investors, INTER RAO YEES OAO Chairman of the Management Board Mr. Boris Kovalchuk told reporters at on June 25, 2013 press conference. These stakes are estimated to be worth USD 700- 900 million combined, he said. INTER RAO YEES OAO's strategy allows it to either sell minority stakes or increase stakes to the controlling level. However, at this point INTER RAO YEES OAO thinks it impossible to buy more shares in TGK-6 OAO and TGK-7 OAO to reach control, along with their debt burden and mandatory investment program, Mr. Kovalchuk said. INTER RAO YEES OAO itself has a deficit in its investment program. 

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