Lukoil makes offer of 0.48 rubles per share to EL5-Energo minority shareholders

MOSCOW. Jan 9 (Interfax) - Lukoil has made an offer of 0.48 rubles per share to minority shareholders in PJSC EL5-Energo, formerly Enel Russia , according to a disclosure by the oil company.

The offer extends to 15.41 billion EL5-Energo ordinary shares.

The mandatory offer published by Lukoil says that the oil company currently owns 19.96 billion ordinary shares, which is 56.43% of share capital. However Lukoil received a 26.9% stake in Enel Russia and AAA Capital Management, acting as trustee for the Gazprombank-Frezia fund, received 29.5%, according to last year's reports on the sale by Enel of its shares in Enel Russia.

Lukoil declined to comment.

EL5-Energo said in a disclosure of its own, published a little later, that Lukoil increased its directly held stake in the company on December 5, 2022, from 26.94% to 56.43%.

EL5-Energo has three gas-fired power plants, Konakovskaya GRES, Nevinnomysskaya GRES, and Sredneuralskaya GRES, as well as a wind farm in the Rostov region. The company is also building a wind farm in the Murmansk region.

The company came into being when RAO UES of Russia was being reformed, and was originally known as OGK-5. Enel, which had consolidated more than 30% of OGK-5, made an offer to buy other shareholders out for 4.4275 rubles per share in 2007.

The company was known as Enel Russia from 2014, when Enel owned 56.43% of the shares, until last year.