MOEK Makes Bid on MTK Shares

Moscow Integrated Power Company, the utility operating generators, power lines and retailers in the capital, offered to buy the shares in Moscow Heating Distribution Company it did not already own for $131 million.

Moscow Integrated, also known as MOEK, offered to pay 97.61 kopeks (3 cents) apiece for 3.77 billion shares, or 13.4 percent, of Moscow Heating, the utility said Thursday in a filing on Bank of Moscow will guarantee the offer to minority shareholders of Moscow Heating, also known as MTK.

The offer is higher than the 67.2 kopeks MTK closed at on the MICEX Stock Exchange on Wednesday.

The capital's municipal government owns 84 percent of MOEK and Gazprom another 7 percent.