Gazprom Energoholding (GEH) and Renova Viktor Vekselberg suspended negotiations on merging GEH with T Plus (part of Renova), because Renova did not agree with the results of the generating company’s assessment, the CEO of GEH Denis Fedorov said on Monday .

Since the spring of 2018, GEH and T Plus have been negotiating a merger of assets. Last fall, Centrenergoholding, owned by GEH, ordered PwC's T Plus rating. At the end of the year, GEH signed a certificate of completion with PwC, as it was set according to our schedule and contract, Fedorov said.

Renova, for its part, did not sign the evaluation report.

“From our side, it [the assessment] was signed. Will I sign it "Renova", I do not know. To date, we have no further negotiations with Renova, ”said Fedorov.

How much the attracted auditor evaluated the Renova company, he did not report, but indicated that PwC had provided all the information on which the assessment was based. “The factors affecting the value of the company, the risks of the company, were described,” commented Fedorov.

“T plus” is estimated at 40–45 billion rubles, GEH is at 360 billion rubles, Kommersant wrote in March with reference to unnamed sources. Thus, according to the publication, in the united energy company the share of “T plus” could be 11%. Fedorov did not comment on this data: there is a confidentiality agreement.

The pricing expectations of Renova are affected by the program of modernization of thermal power plants launched in 2019, says Sergey Pikin, director of the Energy Development Fund: the company did not make the first competitive selection of projects in April of this year, but will be able to participate in the selection at the government commission and in competitions next years. “I think Renova rated this asset much higher. Over 40-45 billion rubles. they will prefer to exploit this object independently. There is no such task in front of them - to sell the company sharply, ”Pikin is sure.

Renova already tried to sell its energy company to GEH in 2011. It was assumed that control would remain with Gazprom, and Renova would receive 25% plus 1 share in the joint venture. The Federal Antimonopoly Service (FAS) came out against the deal: the deal would create the largest energy company in Russia. The second attempt took place in 2014–2015, but the transaction also did not reach completion. The parties have not yet applied to the FAS for approval of the next merger, Fedorov warned: it is advisable to apply to the antimonopoly service when the parties agree on the terms of the transaction.