The Battle For Russia's Electricity Giant

Investors are scrutinizing the breakup of an electric monopoly

In one corner, there's Russia's erstwhile reform champion, Anatoly B. Chubais, 45. In the other: shareholder-rights firebrand Boris G. Fyodorov, 42. Both were top economic policymakers in Boris N. Yeltsin's Kremlin. Now, they are locked in a fight over the restructuring of one of Russia's biggest companies and its most widely held stock--national electricity monopoly Unified Energy System (UES). On Dec. 14, the Russian government will meet to consider Chubais' controversial plan to break apart the 53% state-owned company. Fyodorov, representing minority shareholders, is vowing to block the breakup until Chubais guarantees he will protect their interests.

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