Enel Increases Shares In Russian OGK-5 To 37.15%

Enel said it acquired 7.15% of the Russian energy company OGK-5 via its subsidiary Enel Investment Holding. The shares were purchased from Credi Swiss at 304 mln euros in total. The deal will be finalized in a few days.

Enel Investment Holding already controlled 29.99% of OGK-5 when the deal took place, which means its stake has now grown to 37.15%. According to Russian legislation, Enel is now able to publicly declare its takeover intentions.

Enel's acquisition of OGK-5 is part of its strategy to enhance positions on the Russian market after the liberalization and privatization of the sector of energetics in the country.

Enel is a vertically integrated structure in Russia. Besides its stake in OGK-5 the Italians control 40% in the Severnaya Energy consortium, which recently acquired stakes in OAO Arcticgas, ZAO Urengoil, and OAO Neftgastechnology. Enel Group also has 49.5% of the independent Rusenergobyte.

Enel is the largest energy company in Italy and the second largest in the area of gas distribution. In Bulgaria Enel controls TPP Enel Maritza Iztok-3 and has expressed willingness to participate in the construction of NPP Belene.

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