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Electric Company Demerges

Bashkirenergo said Tuesday that it would buy out holders of its ordinary and preference stock who will not support a planned business demerger at 33.42 rubles ($1.15) and 25.39 rubles per share, respectively.

The company's board agreed Monday to demerge its electricity grid and power generation assets and hand control of the separate divisions to two main shareholders, state power group Inter RAO and Sistema.

The buyout price implies a significant discount to market — the ordinary stock last closed at 40 rubles, while the preference stock last traded at 30.5 rubles per share.

(Reuters)

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