Antitrust watchdog ready to negotiate Gazprom and Renova energy assets merger
MOSCOW, February 15 - RAPSI. The Federal Antimonopoly Service, which has repeatedly opposed the Gazpom-Renova energy assets merger, is ready to negotiate the transaction structure and is waiting for the parties' proposals, service head Igor Artemyev told journalists on Wednesday.
Gazprom and Renova announced on January 19 their intention to complete the merger and extend the corresponding agreement until early 2012. They also confirmed their plan to submit a new merger application to the anti-monopoly service. The first application was rejected in December
"We are waiting for proposals and are ready to take part in negotiations," Artemyev said.
He added that the companies have not filed a new application.
"We know they are working on a new transaction structure taking due account of anti-monopoly law," the service head said.
Gazprom, the parent of Gazprom Energoholding, and Renova signed an agreement stating their intention to merge their energy assets under the holding.
The transaction was set to be completed by the end of 2011. According to the agreement, Gazprom will own no more than 75 percent minus one share in the company, while Renova will hold 25 percent plus one share. The watchdog criticized the transaction on several occasions.
Gazprom Energoholding is Gazproms fully-owned subsidiary set up as part of its strategy in the electrical power industry.
The IES Holding is Russia's largest private company in the industry set up in December 2002 to execute strategic investment programs.