With a statement made by both CEOs (Alexey Miller, Gazprom and Viktor Vekselberg, Renova) Gazprom and Renova have confirmed their intention to merger their power assets.
The statement says “The parties confirmed the intent to complete the merger of the power assets owned by both companies and agreed to extend till the end of the first quarter of 2012 the relevant Agreement of Intent signed in July 2011.”
The two companies have undertaken to, in the very near future, co-ordinate their strategies, including the appropriate steps for submitting a new request to anti-monopoly authorities in place of that revoked by the parties in late December. The meeting also addressed other areas of co-operation between Gazprom and Renova Group.
In July 2011, Mr Miller and Mr V Vekselberg signed an agreement on intent. The document confirmed intentions of the parties to consolidate their electric energy assets in Gazprom Energoholding LLC which will be reincorporated as an open joint stock company and could possibly hold an IPO at a stock exchange.
According to the target structure of the stockholder equity Gazprom will hold no more than 75% minus 1 share and Renova at least 25% plus 1 share in the merged company. The consolidation is expected to result in the new company gaining full control of basic power generation and power supply assets belonging to the two parties.
