OGK-3 Power Utility Jumps Most in 3 Months on Inter RAO Report

OAO OGK-3 jumped the most in almost three months before the board of OAO Inter RAO UES, its biggest owner, decides on a potential merger of generation assets.

The shares surged 10.2 percent to 1.2401 rubles as of 6:12 p.m. in Moscow, their biggest intraday gain since Dec. 14.

State-controlled Inter RAO plans to offer its own stock to minority shareholders in the units, Interfax reported yesterday.

“We expect consolidation to be favorable to OGK-3 above all, with potential upside of 5.6 percent,” Matvey Taits and Ivan Rubinov, analysts at UralSib Financial Corp. wrote in a note today. Inter RAO’s board is due to meet March 15.

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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