Debts Prevent Vekselberg’s IES Deal With Gazprom, Vedomosti Says
Stock Chart for Gazprom OAO (GAZP)
OAO Gazprom (GAZP)’s energy company and Russian billionaire Viktor Vekselberg’s Integrated Energy Systems are having difficult agreeing to merger terms because of the debts found at Vekselberg’s company, Vedomosti said, citing a source familiar with the deal.
IES’s debts were estimated at 130 billion rubles ($4.4 billion) at the end of 2011, the newspaper said. The company’s representatives were out of the office when contacted by Bloomberg News for comment today.
On Jan. 28, Vekselberg told Bloomberg he’ll walk away from a plan to merge his power generating assets with OAO Gazprom’s if a deal isn’t completed this quarter.
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