OREANDA-NEWS. February 08, 2011. Inter RAO has found the backing it needs to acquire 49% in Nortgaz: it is ready to consign a part of the shares received during the consolidation of energy assets to resell to banks. In addition, a portion of the package can be paid by Inter RAO shares.

This is a trade-in option: Inter RAO managed to persuade Farhad Akhmedov, who wanted his share package paid in cash, and the parties now should decide which part will be paid by shares. However, the deal can fall through: Gazprom has a preemptive right, and the company should answer whether it will be exercised or not by mid-March 2011.

Inter RAO currently has a cash position of nearly USD 250 mn, and can receive the necessary funds by selling off share packages obtained during the consolidation, which should end in 1H2011 with Inter RAO’s acquiring 43 new energy assets. The holding strategy allows the use of minor packages, up to 10% in size, for M&As and financing. Spokespersons affiliated with Inter RAO said it had already reached an accord with VEB, VTB and Rossiya Bank: they should purchase the securities for sale.