Bloomberg News

EBRD Backed Vekselberg in Feud With Deripaska, Kommersant Says

March 27, 2012

The European Bank for Reconstruction and Development backed United Co. Rusal billionaire shareholder Victor Vekselberg in a dispute with Chief Executive Officer Oleg Deripaska over a power station, Kommersant reported.

Prime Minister Vladimir Putin said in December that Vekselberg had agreed to sell the Bogoslovskaya power station to Rusal. A sale would help Rusal control electricity costs for its nearby aluminum smelter. The two parties have since failed to agree on a price, Kommersant said.

The EBRD owns almost 8 percent of Vekselberg’s OAO TGK-9 utility.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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