POON shareholders to consider KIEN acquisition December 17

Poltavaoblenergo (POON UK) has scheduled an EGM to consider the acquisition of a 25% stake in Kyivenergo (KIEN UK), Interfax reported on Friday. The Kievenergo privatization tender could go forward December 9 if the State Property Fund allows both potential bidders, Poltavaoblenergo and DTEK (DTEKUA), to take part. Poltavaoblenergo has so far not received permission from the Anti-Monopoly Committee. Alexander Paraschiy: The fact that Poltavaoblenergo has received neither permission from the anti-trust regulator nor approval from shareholders meeting suggests the company made a last-minute decision to bid. The motivation for Poltavaoblenergo (and its shareholders) to kick off a bidding war with DTEK is still unclear. We continue to see a high probability that the tender will be cancelled or postponed once again.