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. Last Updated: 07/27/2016

UES Plays Down GE Bid Rumors

Russia's Unified Energy Systems has not had talks with a foreign company or other investors about selling all or some part of an 8.5 percent stake currently being auctioned, a company official said Friday.

In response to a rumor that the U.S. General Electric Co. had bid for all of the stake at auction, Alexander Lopatin, UES' director of asset management, said there had been no direct contact with the company.

"Nobody from GE came here. Nobody from their management talked to our management. There has been no contact," he said.

He added that no other Russian or foreign investors had made direct contact either.

GE's Moscow office said it was unaware of the rumored purchase.

Lopatin said an unnamed intermediary had approached UES, the national power grid holder, before auction terms were set, on behalf of a foreign investor seeking the entire packet, which is open to bids until Dec. 23.

But he said there had been little discussion because the auction terms had not been set then, and the third party had not followed up the talks.