Power utility RAO Unified Energy System of Russia, or UES,
said late Tuesday it has agreed to sell its 25% stake plus one share in
turbines maker OAO Siloviye Mashiny , or Power Machines.
Confirming local media reports from earlier this week, UES
said Highstat Ltd., a company controlled by Russian business tycoon
Alexei Mordashov for, had offered $486 million for the utility's
blocking minority stake in Power Machines.
The offer carries about 25% premium over the current market value of Power Machines, UES said.
Mordashov, who controls steel maker OAO Severstal ,
bought 30% of Power Machines from Vladimir Potanin's ZAO Interros
Holding in September. Germany's Siemens AG retains a 25% interest
in the company.