Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

RusHydro Drops 1st Day in 4 as Metropol Cuts on Share Issue

July 12 (Bloomberg) -- OAO RusHydro fell for the first time in four days after IFC Metropol cut Russia’s largest hydropower company to hold from buy on bets the company will issue new shares.

RusHydro declined 2.3 percent to 84.53 kopeks by the close in Moscow. The stock has slumped 13 percent this year.

The company may issue additional shares, which state-controlled OAO Rosneftegaz will buy for about 41 billion rubles ($1.3 billion), Kommersant reported yesterday, citing people familiar with the discussions.

“The potential issue is unnecessary and could put pressure on the stock price,” Metropol analysts led by Konstantin Reyli said in an e-mailed research note today.

An investment plan approved by the company’s board last month is “substantially higher than our previous forecast,” they wrote.

-- Editor: Alex Nicholson

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.