MOSCOW, Feb 19 (Reuters) - German energy major E.ON EONG.DE has raised its stake in Russian power producer OGK-4 OGK4.MM to an absolute majority of more than 75 percent, OGK-4 said in a statement on Tuesday.
An absolute majority implies that no other OGK-4 shareholder will be able to block E.ON’s decisions on the board of directors.
E.ON became the first foreign company to control a major Russian power producer, paying $6 billion for a 60.75 percent stake last October.
It has since raised its stake to 75.73 percent through a buyout offer to minority shareholders, which Russian corporate law obliged it to make, the OGK-4 statement said.
Russia's former electricity monopoly Unified Energy System (UES) EESR.MM, which is in the process of selling off all of its assets, owns roughly 22 percent of OGK-4. (Reporting by Simon Shuster; Editing by David Cowell)
Our Standards: The Thomson Reuters Trust Principles.