August 31, 2018 / 2:18 PM / in 22 days

Russian coal producer SUEK to take over Siberian Generating Company

MOSCOW, Aug 31 (Reuters) - Russia’s top coal producer SUEK on Friday said it was taking over Siberian Generating Company (SGK) in a move that would allow it to increase operational and financial effectiveness.

Both SUEK and SGK are controlled by businessman Andrey Melnichenko.

“Consolidation of coal and power-generating assets strengthens SUEK’s position as one of the world’s largest coal energy companies, while the increased scale and diversification of business expands SUEK’s access to capital markets,” SUEK Chief Executive Vladimir Rashevsky said in a statement. (Reporting by Anastasia Lyrchikova Writing by Katya Golubkova Editing by David Goodman)

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