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Moscow. November 13, 2009. On November 12, 2009 INTER RAO UES Group became the owner of a controlling stake in TGK-11.
The acquisition of TGK-11 occurred as part of implementation of priority areas in INTER RAO UES Group development strategy. They include the expansion of the generating segment of the company’s business and improvement of cross-border electricity trading infrastructure.
The activation of actions for consolidation of TGK-11 shares was encouraged by a decision taken on 15 July by the Federal Arbitration Court of Moscow District, which confirmed the Amicable agreement on settlement of the corporate conflict between Rosneft and JSC TGK-11 which arose in connection with the results of reorganization of the latter. The efficient solution of the prolonged conflict became possible due to direct participation of the Ministry of Energy of the Russian Federation.
JSC INTER RAO UES plans to consolidate the controlling stake in TGK-11 in its ownership and under management by the end of the year.
It would be recalled that in July 2009 the Federal Antimonopoly Service granted an application filed by one of the companies of INTER RAO UES Group (CJSC INTER RAO UES Baltia) on the acquisition of 97.41% of TGK-11 voting shares.
13.11.2009
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