Enel Plans To Get Control Of Russia's OGK-5 By Yr End-Report

Italy's Enel SpA (EN) is planning to launch a partial takeover bid on Russia's wholesale power generator OGK-5 before the end of the year and reach close to a 70% stake in the Russian company, reports Corriere della Sera in its Tuesday Internet edition. The remaining 30% will be held by Russian electricity monopoly RAO Unified System of Russia (EESR.RS), or UES. Enel in June bought a 25% stake in OGK-5 at a public tender for $1.52 billion. It subsequently bought another 5% for $281 million and it said it wants to raise its stake to a controlling one. On Aug. 31, OGK-5 will hold a board meeting, which is scheduled to change its structure to allow in three board members to be appointed by Enel, the paper adds.