24 Nov 2010 14:49

Mechel consolidates 100% of Bulgarian power plant for EUR52 mln

MOSCOW. Nov 24 (Interfax) - Russia's Mechel has consolidated 100% of the Toplofikaci Ruse power plant in Bulgaria after buying the outstanding 51% of the shares from Slovenia's Slovenske Electrarne for EUR 52 million, the Slovenian company said in a press release.

Bulgaria's anti-trust regulator cleared Mechel to buy the 51% in October. Mechel bought 49% of the 400-megawatt plant from HSE for EUR 50.2 million in 2007.

Mechel Energo LLC owns this and 98.43% of Russia-based South Kuzbass State District Power Plant and 72.14% of power sales company Kuzbassenergosbyt .

The Mechel group has consolidated controlling stakes in coal, steel and iron ore companies and a number of ports. General Director Igor Zyuzin is Mechel's chief beneficiary. The ADR free float is around 30%.