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OGK-3 Rises Most in Two Months on EuroSibEnergo Offer

Dec. 1 (Bloomberg) -- OAO OGK-3 jumped by the most in almost two months after OAO EuroSibEnergo, a utility owned by billionaire Oleg Deripaska, offered $2 billion in cash to OAO GMK Norilsk Nickel for its controlling stake in the power generator.

The stock climbed 2.8 percent to 1.72 rubles by the 6:45 p.m. close in Moscow, its biggest increase since Oct. 5.

EuroSibEnergo is ready to buy Norilsk’s 79 percent stake in Moscow-based OGK-3, according to Andrei Likhachev, chairman of the utility’s Cyprus-based parent company EuroSibEnergo Plc. Likhachev commented in a Nov. 30 letter to Norilsk Chairman Vasily Titov and Chief Executive Officer Vladimir Strzhalkovsky, a copy of which has been obtained by Bloomberg News.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

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

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