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. Last Updated: 07/27/2016

Power Machines Sale Ending

Turbine maker Power Machines will close the books for its secondary share offering for Russian and foreign investors Wednesday, a source close to the placement said.

"The marketing takes place in Moscow and abroad. It is a proper placement," the source said Friday. Sources said earlier that the firm wanted to raise $400 million to $450 million in two tranches.

"The current placement should cover the firm's investment needs ... It will be less than $450 million, although I can't really say whether a second tranche will be placed," the source said.

Germany's Siemens holds 25 percent plus one share in Power Machines and has sought to gain control of the firm, but authorities blocked the deal, citing national security reasons.

Unified Energy System also holds 25 percent in Power Machines, which has a market value of $1.3 billion. Vladimir Potanin's Interros Holding has entrusted its 30 percent stake in Power Machines to UES. On Friday, the source said UES, Interros and Siemens had yet to exercise their pre-emptive right to buy shares from the additional issue.

Russian media have said UES and Interros could divest their stakes -- which they consider noncore assets -- simultaneously to earn a premium on the sale of a controlling stake.

The Federal Anti-Monopoly Service has said steel billionaire Alexei Mordashov has already requested permission to buy control of the firm.