An emblem of RAO UES of Russia. RAO UES will cease to exist July 1, 2008.
Photo: Dmitry Lebedev
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The Doom and Gloom
RAO UES of Russia will cease to exist July 1, 2008. This morning, its chief Anatoly Chubais will officially announce results of the company’s EGM, which voted for the reorganization by the absolute majority. The analysts expected this outcome and don’t think RAO UES quotes will soar on the news.
The minutes of the Friday Extraordinary General Meeting of RAO UES of Russia were signed, an anonymous source familiar with the document said yesterday. The quorum reached 77.5 percent; 95 percent backed up the reorganization, and 3 percent voted against it.
The holders that sanctioned the reorganization will get some stakes in the generating and network companies that are currently subsidiaries of RAO UES. Those that voted against it may present their stocks for the buyout. RAO UES will cease to exist July 1, 2008.
According to the analysts, “RAO had deliberately created conditions making voting against very risky: the profit from it is higher but only potentially,” Dmitry Terekhov from Antanta Capital said, forecasting that from 0.5 percent to 2 percent of stocks could be presented for the buyout. Given that the government owns 53 percent in RAO UES, Gazprom has another 10 percent, Norilsk Nickel holds 3.5 percent and SUEK owns 1 percent, roughly 9 percent of minority holders voted for the reorganization, calculated Uralsib analyst Matvei Taits. The stocks of RAO UES will hardly go up on the reorganization news, as it was well-expected, the analyst said.
www.kommersant.com
All the Article in Russian as of Oct. 30, 2007
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