RAO UES CEO Anatoly Chubais is shown during the news conference headlined: "The Reform of RAO UES of Russia."
Photo: Dmitry Kostyukov
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U.S. to Generate Nothing But Money from RAO UES Reform
The U.S. holders of depository receipts for RAO UES stocks will get money instead of the stakes in the outsourced companies at the final stage of reform of the energy holding, Interfax reported referring to Maxim Zavalko from RAO UES of Russia.
Russia’s energy holding, RAO UES, which reorganization nears its end, has three programs of depository receipts – not sponsored GDRs for common stocks implemented via the Bank of New York and sponsored ADRs for common and preferred stocks implemented via Deutsche Bank. Each depository receipt corresponds to 100 stocks of RAO UES of Russia.
During reorganization, RAO UES will outsource over 20 companies to be owned by RAO UES holders and cease to exist.
“Due to a number of peculiarities of RAO UES reorganization, the U.S. laws forbid distributing stocks of target companies between the American owners of receipts, which excludes possibility of launching ADR programs in subsidiaries during reorganization,” Zavalko explained.
Other holders of depository receipts will be able to choose between three options – to get local stocks of outsourced companies, GDRs for them or money.
www.kommersant.com
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