Mechel (MTL) Acquires Controlling Stake in Kuzbass Power Sales Company
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Mechel OAO (NYSE: MTL) announces winning the auction to acquire shares of Kuzbass Power Sales Company OAO comprising 49% of the company's charter capital. Together with 1.2% of the shares owned by Mechel previously, its stake in Kuzbass Power Sales Company has increased to 50.2%.
As a result of today's auction, Mechel's subsidiary, Mechel-Energo OOO, has acquired from RAO UES of Russia 297,020,200 of ordinary shares of Kuzbass Power Sales Company comprising 49% of its charter capital for approximately US$ 44.0 million or RUR 1.14 billion.
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