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UPDATE: UES board approves purchase of Silovye Mashniy stock


MOSCOW, October 5 (RIA Novosti) - The board of directors of Unified Energy System, Russia's electricity monopoly, approved the purchase of the Silovye Mashiny (Power Machines) stock, the UES news service said Wednesday.

On September 20, UES said it would buy a 22.43% stake in Silovye Mashiny, Russia's leading manufacturer of equipment for hydro, thermal, gas and nuclear power plants, from tycoon Vladimir Potanin's Interros holding in addition to the package it owns through a subsidiary. Accordingly, UES will bring its total stake in Silovye Mashiny to 25% plus one share. UES and Interros are set to manage another 30% stake.

"Attracted credit funds will be the main source of financing the stake purchase," the news service said.

UES regards Siemens, a Silovye Mashiny minority stockholder, as a potential strategic investor in Silovye Mashiny.

"UES is set to begin talks with the Interros holding and Siemens on the involvement of the German concern in this project," the news service said.

Siemens owns a 4% stake in Silovye Mashiny.

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