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E4 Group to acquire TGK-11
RBC, 15.05.2008, Moscow 18:58:54.RAO UES and Russia's largest engineering company E4 Group have signed a contract for the acquisition of the government's 28.47-percent stake in TGK-11 for RUB 5.88bn (approx. USD 247m), the Russian energy holding said in a statement today. E4 Group offered RUB 0.040255 per each share of the regional power generation company, which is 26 percent higher than the average price of TGK-11 shares on Wednesday and is equal to USD 430 per kilowatt of the company's installed capacity. E4 Group will not become the owner of the government's stake until it has paid for it in full and signed a shareholders agreement with RAO UES and System Operator. Meanwhile, E4 Group will be allowed to postpone the payment until the third quarter of 2009. Proceeds from the sale of the government's stake in TGK-11 will be used to fund Federal Grid Company's investment program.
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