26 Feb 2010 09:59

Moscow press review for February 26, 2010

MOSCOW. Feb 26 (Interfax) - The following is a digest of Moscow newspapers published on February 26 Interfax does not accept liability for information in these stories.


The Federal network company (FSK) has increased its stake in TGK-11 from 0.43% to 27.45%. FSK received a stake that TGK's former owner, RAO UES, sold to Mikhail Abyzov's Group E4, Alexander Stroinov, head of the TGK-11 Capital Management Department, told Vedomosti; until recently, according to CMD, the register holder, FSK held just 0.43% in TGK-11. A contract for the sale and purchase of 28.47% in TGK-11 was signed by RAO and E4 back in May 2008, with Abyzov offering 5.88 billion rubles for the control stake. He was expected to settle payments with FSK (RAO's successor) before October 2009. But E4 failed to pay for the shares and now the package is back to FSK, Stroinov said. Neither FSK, nor E4 commented on the deal. ("Confusion among shareholders")

Nornickel can already afford to pay dividends, said its main shareholders, Rusal and Interros. The partners are now discussing the size of dividends, several sources close to both sides said. Nornickel's consolidated net profit in 2009 was about $2 billion, company chief Vladimir Strzhalkovsky announced recently. Rusal believes that Nornickel can easily pay to its shareholders up to $1 billion, said two sources close to the company. There is no final figure yet, the sources told Vedomosti. ("$1 billion for shareholders")


Enel is going to change the management structure of its Russian asset, Enel OGK-5" . After reorganization, the company's executive director will manage not only power plants but also Enel's stakes in Rusenergosbyt and Severenergia. Besides, for the first time a Russian energy company's general director will be a foreigner: by May Anatoly Kopsov will have been replaced by his deputy Enrico Viale. (page 12, "Italians will land at OGK-5")

Severstal plans to take over British gold producer Crew Gold, which exploits fields in Guinea, by paying about $395 million for the company. The price is high, but the purchase will allow Severstal to increase its own gold production by at least one third, analysts said. (page 12, "Severstal overestimates Guinean gold")

Russian state uranium production company "Atomredmetzoloto" (ARMZ) got a chance to surpass China's CNNC in the struggle for the biggest Mongolian uranium field Dornod. Ulan-Bator cancelled Canadian company Khan Resources' license for Dornod operations. In February, CNNC was able to outbargain ARMZ' offer to buy Khan, but the worth of this company without the uranium license has fallen significantly. (page 12, "Atomredmetzoloto" approaches Mongolia")

Germany's MediaSaturn Holding (