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Inter RAO Down on Turkey

Inter RAO UES fell for a third day after Kommersant reported that the state-controlled power generator and exporter may acquire Turkish energy assets.

Inter RAO dropped 0.6 percent to 2.77 kopeks (0.09 cents) by close in Moscow on Wednesday, the most since June 22.

The utility set up the Inter Rao Turkey Enerji Holding unit to research the Turkish market and possibly acquire local energy assets, Kommersant reported. "While the impact from potential acquisitions in Turkey would depend on the parameters of the deals, at this stage the news increases the general risk profile of Inter RAO and therefore might be negative," VTB Capital analysts led by Mikhail Rasstrigin said in a research note.

(Bloomberg)

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