OAO MRSK Holding retreated after shareholders approved its transfer under Federal Grid Co.’s management.
The country’s largest electricity distribution company dropped 1.2 percent to 1.757 rubles by the close in Moscow. The Micex added 1.1 percent to 1,402.74.
MRSK shareholders approved the transfer at a meeting on June 30, according to a statement today.
“The outcome still has to be decided and so that implies various scenarios,” VTB Capital analysts led by Mikhail Rasstrigin, said in an e-mailed research note. “Low visibility over future corporate actions and the downbeat tariff outlook complicate the investment case.”
-- Editors: Alex Nicholson, Linda Shen