Following the regulatory clearance from the Russian authorities, Enel Investment Holding has launched a public tender offer for the entire share capital of OAO OGK-5 at a price of RUB4.43 per share.
The duty to launch the offer arises from overcoming the 30% ownership threshold of OGK-5’s share capital by Enel Investment Holding (EIH), following the acquisition of a stake of about 7.15%.
The tender offer affects about 22.231 billion OGK-5 shares, equal to 62.85% of the Russian company’s share capital, net of the 37.15% already owned by EIH. The offer has been launched at a price of RUB4.43 per share, fully payable in cash.
Set up in 2004 as part of the electricity industry reform, OGK-5 is one of six wholesale generation companies in Russia where the privatization process is underway. Its four thermal plants are strategically located in some of the most developed and fastest growing regions of the country.