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28 March 2008 - Russian electricity producer OGK-1 will be sold on April 17 in a deal expected to be worth about $7bn.

On that date, Reuters reports, final bids will be accepted and the winning investor determined based on the size of the bids, the sources said.

The $7bn sale of OGK-1 will include the cost of its secondary share sale, the sale of the government's stake and the mandatory buyout offer to OGK-1's minority shareholders.

The share sale will include 22.5bn shares, equal to 50.4 per cent of the company before the sale and 33.51 per cent afterwards.

The sources said the main contender for control of OGK-1 is TransNeftServis-S, which represents the interests of Mikhail Abyzov, a former deputy head of OGK-1's parent company, Unified Energy System (UES).

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