Gazprom and Renova yet to file merger application
KIRISHI (Leningrad Region), March 23 - RAPSI. Russian gas giant Gazprom and billionaire Viktor Vekselberg’s Renova have yet to file a merger application on their electricity assets to the Federal Antimonopoly Service, according to the service's head Igor Artemyev.
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The transaction was set to be completed by the end of 2011, but was revoked.
Gazprom and Renova declared on January 19 their intent to complete a merger, to extend the corresponding agreement until Q1 2012, and to finish agreeing on positions to file a new application.
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 Gazprom's fully-owned subsidiary, set up as part of its strategy in the electrical power industry.