Renova Group and gazprom are to merge their electricity assets in Gazprom’s power subsidiary, Gazprom Energoholding, which will eventually be restructured and could place its shares on the stock market. Gazprom will hold no more than 75 percent minus one share in the undertaking while Renova Group, controlled by Russian tycoon Viktor Vekselberg, will get at least 25 percent plus one share. The deal will go forward under a letter of intent signed by Renova and Gazprom on 6 July. Gazprom CEO Alexei Miller said that the new power company would become one of the world’s leading electric power firms and would hold a 25 percent share on the Russian electricity market.
The partners are expected next to finalise the list of their assets in the new company in a shareholders’ agreement and get an approval from Russia’s Federal Anti-Monopoly Service (FAS).
However the deal may have to be revised befoe it is finalised. FAS head Igor Artemyev is reported to have said that the merger of the Gazprom and Renova power assets was undesirable from the viewpoint of anti-trust legislation and the competition watchdog would try to structure the deal to prevent Gazprom from retaining a controlling stake in the new power company
