02 June 2004 17:13
NORILSK NICKEL OWNS 1% OF UES
MOSCOW. June 2 (Interfax) - Norilsk Nickel Mining and Metallurgical Company owns about 1% of Unified Energy System of
Russia, after buying shares for about $130 million to $140 million, a source from Norilsk Nickel told Interfax.
The source did not say whether Norilsk Nickel planned to increase its stake in UES.
Matvei Taits of NIKoil also said he thought Norilsk Nickel's long-
term aim was to use the shares in UES to gain a slice of Taimyrenergo.
Norilsk Nickel has always said it is interested in ensuring energy security for the company, Sergei Polikarpov, the
chief of the Norilsk Nickel investors department, told Interfax. "We plan to take part in the energy industry
reform process and have long shown interest in various energy assets that are within the zone of UES influence and the
zone of our interests," he said. Norilsk Nickel already owns about 25% of Krasnoyarskenergo and 10% of the
Kolaenergo power utility.
Analysts think the acquisition of the UES shares will give the metals giant more leverage over the Taimyrenergo power
utility. Dmitry Skryabin of the Finam investment company said he thought Norilsk Nickel would seek during the
restructuring of UES to somehow swap its shares in UES for a stake in Taimyrenergo. "This isn't likely to come
off, but the parties might come to an arrangement. Perhaps talks are already under way," Skryabin said.
"Taimyrenergo is an isolated energy system and is unlikely to be split away in the medium term. In other words
its shares will remain within what is left of UES after all companies are separated from it," Taits said.
Neither analysts said news of the acquisition would affect UES share prices. "There is nothing out of the
ordinary here. Nearly all industrial-financial groups have said they own shares in UES lately," Skriyabin said.
"This is unlikely to have a strong effect. It was known that Interros [which owns 62.2% of Norilsk Nickel] owns
shares in UES," Taits said.
[Interfax] |
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