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Oligarchs Clash for Electric Power Assets
Norilsk Nickel has threatened to sell its electric power assets should the holders vote against their split-off to Energopolus at the general meeting slated for December 14, RBC Daily reported.
Norilsk Nickel announced Friday it could dispose off energy assets if the holders don’t back up their split-off to Energopolus at the general meeting on December 14, 2007.
The deal calls for the majority vote of 75 percent, and Onexim Group of Mikhail Prokhorov that owns 28.2 percent in the company will probably step in block it. Prokhorov isn’t satisfied with the strength of the assets designated for Energopolus as well as with the company’s liabilities of $600 million.
The analysts say Prokhorov is ready to initiate the collapse of energy market. The failure of Norilsk Nickel program for outsourcing its energy assets and their disposal will impair the entire industry of electric power. This move will show that the strategists are negative about the future of this market.
If the split-off takes place, Energopolus will emerge as the biggest independent investor in electric power industry of Russia, covering 6 percent of the whole generation of the country and owning shares in five energy companies and in RAO UES of Russia. Norilsk Nickel estimates the overall worth of outsourced assets at $7 billion.
But if Norilsk Nickel ultimately decides to dispose of the power assets, it will have to find a strategic investor or launch the assets on the market. The key asset, WGC-3, costs roughly $4.6 billion and only Gazprom and some foreign giants are able to buy it out.
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