MOSCOW, September 20 (RIA Novosti) - Russian electricity giant Unified Energy System (UES) said in a press release Tuesday it planned to increase its share in Power Machines, the largest manufacturer of equipment for hydro, thermal, and nuclear power plants.
"The RAO UES parent company plans to acquire 22.43% of Power Machines shares from Interros," the company said. "Thereby, given the shares owned by [UES affiliate] Lenenergo, the holding will accumulate 25% of [Power Machines] shares plus one share in the enterprise."
The RAO UES board of directors will discuss the issue on September 30.
UES also reached a preliminary agreement with Interros, a major private investment firm, on the transfer of the latter's 30% share block in Power Machines to the energy giant. UES and Interros will run the block together in a bid to improve the management of Power Machines and attract partners.
UES contracts account for 70% of the domestic energy equipment market at the moment. The holding's share in Power Machines' capital stock is part of its strategy to improve the security of energy companies, the press release said.
The concern said it might also invite a foreign company with advanced energy machinery to buy stock in Power Machines.
Power Machines accounts for more than 60% of the Russian market on steam turbines and turbo/hydrogenerators, and 80% of the hydroturbines market.
