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TGK-4 Buyout Offer Revoked by Onexim

14 October 2008 , 08:32Ksenia Kochneva1431
Mattias Westman, CEO of Prosperity Capital Management, which holds 20 percent of TGK-4 expressed disappointment at this attempt by Onexim to wriggle out of its legal obligation.

The Tula-based power producer is one of 19 generators the state sold to investors in the past two years to fund upgrades. Onexim made a buyout offer July 30, valid for 80 days. Onexim, which held 48.4 percent of TGK-4 at the time, pledged to pay 2.7 kopeks per share.

Onexim said Monday that it was unable to complete the "mandatory" offer because TGK-4 was added to a list of natural monopolies by the Federal Tariffs Service. Under the law on foreign acquisitions of Russian firms, Cyprus-registered Onexim must get state permission before making an offer.

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