OREANDA-NEWS. Italian energy company Enel increased its share of WGC-5 from 29.99% to 37.15%, paying about 304 mn EUR. According to Veles Capital company with reference to a message of Enel, shares were purchased from Credit Suisse bank las week, by company’s subsidiary – Enel Investment Holding B.V. at 0.170 USD per security. Now, to comply with the Russian laws, Enel must offer redemption of shares for other shareholders of generating company. Offer’s price must not be below 0.177 USD (top price offered by the company for the last six months). “As soon as documents are approved by the Federal Financial Markets Service, the market participants will be informed on an offered price, terms and other conditions of the offer,” reports Enel.

News of offer caused speculative interest of market players, as minimal price of offer is above October 24 closing quote of WGC-5 by 8.5%. Though it is possible that Enel will be ready to offer much higher price, in order to make investors sell their shares. October 25 quotes hiked +3.8% due to this news. According to Veles Capital's experts, the benefit of a speculative purchase for further sale is shrinking fast. However, shareholders of WGC-5 who do not see investments into company as a long-term investment or gained their shares after spinning of WGC-5 off UES, now have a good opportunity of getting rid of shares using the offer or selling them at market, if market price will get close to offer price. "Our estimate of fair price for shares of WGC-5 is seriously high, even if we discard pretty decent price of offer. And if we calculate using minimal price, which may be offered by Enel to redeem shares, then 1 Kwatt of WGC-5’s installed capacity will make 691 USD excluding debt – a second value among all of WGCs. The fact that foreign company is ready to pay such price to gain control over WGC-5 confirms our positive vision of company. We recommend “BUY” for shares of WGC-5," the analysts make a conclusion.