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. Last Updated: 07/27/2016

E.On Asks for OGK-4 Revisions

DUSSELDORF, Germany -- E.On is seeking to change the conditions under which Russia plans to sell state-owned utility OGK-4, a management board member said, but Unified Energy System chief Anatoly Chubais insisted Friday that the sale would go ahead as planned.

The German utility is discussing the issues it considers problematic with Russian partners, said Lutz Feldmann, who is responsible for takeovers on E.On's management board.

National utility UES is selling six power providers to attract investment in aging infrastructure and to create competition.

"We will only participate in the coming auction for OGK-4 if several clauses, which we cannot accept, are taken out of the contracts," Feldmann said in D?sseldorf on Thursday. He declined to be more specific.

Chubais said late Friday that he believed E.On would go on with its OGK-4 purchase plans.

"I have the impression we had reached understanding and that E.On was not going to quit the OGK-4 [initial public offering]," Chubais told a conference call with reporters after a board meeting.

E.On shares extended their gains and were up 2.48 percent at 123.15 euros ($168) by the market close.

Italy's Enel beat E.On in the first auction, when UES sold OGK-5, as E.On stuck to its strict financial criteria for takeovers, Feldmann said.