| Other Photos |
 |
|
 |
Rosneft and MRSK-Yug Make Peace
Rosneft, through its subsidiary Neft Aktiv, may reach an out-of-court settlement with MRSK-Yug (the Interregional Distribution Network Co. South). In February, Rosneft filed suit to prevent the merger of Kubanenergo and MRSK. Yesterday, an MRSK-Yug representative announced the negotiations on a settlement in appeals court. The parties have until August 26, the date of the next court session, to come to an agreement, otherwise the court will rule regardless. Neft Aktiv has filed seven such suits against electric companies, but a Kommersant source claimed that Rosneft may settle with distribution companies. The suits against generating companies will continue.
Neft Aktiv filed the suits against the seven electric companies in February. It had bought those companies in spring and summer of last year in the selloff of YUKOS assets. It won four of the suits (concerning the merger of Kubanenergo with MRSK-Yug, the merger of Tomsk Trunk Networks and Kuban Trunk Networks with the Federal Network Co. and the consolidation of Territorial Generating Co. 11 through merger with Tomskenergo), but three of those cases were appealed by the Central Moscow Depositary, which was a co-respondent in the suits.
Observers say that out-of-court settlements usual involve the return of the object of dispute (Kubanenergo stock, in this case) or the return of the money for the object. A Rosneft source stated earlier that the company would drop the suits, if its shares in the companies were bought out. An PAO UES of Russia source then reported that the price Rosneft was asking was considered too high. A source close to the negotiations on the settlement said that the oil company has decided not to hinder the consolidation of Kubanenergo.
www.kommersant.com
All the Article in Russian as of Aug. 20, 2008
|
|
|
