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. Last Updated: 07/27/2016

UES to Spend $4.2Bln in Buyback

Unified Energy System will spend 101.9 billion rubles ($4.2 billion) to buy back its stock from shareholders who voted against a proposed breakup of the national utility.

UES offered to buy the shares from the 3 percent of investors who opposed the plan, and those that abstained, up to a legal maximum of 10 percent of its net asset value. About 103 billion rubles of stock was tendered by those shareholders, the company said Wednesday in an e-mailed statement.

The buybacks will begin after a board meeting Dec. 14 and payment made by Jan. 9.

About 95 percent of investors in the company voted in favor of the breakup, chief executive Anatoly Chubais said Oct. 30. UES offered to buy opponents' common shares at 32.15 rubles each and preferred stock at 29.44 rubles.

The shares bought by the company will be resold by March 1.