MOSCOW, October 28 (RIA Novosti) - The board of Unified Energy System (UES), Russia's electricity monopoly, approved a credit agreement with Vneshtorgbank (Foreign Trade Bank) Friday for the purchase of a 22.43% stake in Silovye Mashiny.
On September 20, UES said it would buy a 22.43% stake in Silovye Mashiny, Russia's leading manufacturer of equipment for hydro, thermal, gas, and nuclear power plants, from tycoon Vladimir Potanin's Interros holding in addition to the package it owns through a subsidiary. Accordingly, UES will bring its total stake in Silovye Mashiny to 25% plus one share. UES and Interros are set to manage another 30% stake.
On October 17, UES submitted an appeal for the purchase of the Silovye Mashiny stocks to the Federal Anti-Monopoly Service, which is expected to make a decision on the deal in a month.
