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Enel writes down Russian unit’s value pending sale completion

The logo of the ENEL energy company at a store in Niteroi near Rio de Janeiro, Brazil, July 14, 2022. REUTERS/Ian Cheibub

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MILAN, Aug 19 (Reuters) – Italy’s biggest utility Enel (ENEI.MI) has on paper the worthiness of its main Russian subsidiary by 527 million euros ($530 million) since it waits for the sale of Enel Russia to be approved by Moscow, the group said in its half-year financial record.

Enel announced in June it had reached a cope with Russia’s Lukoil (LKOH.MM) and investment fund Gazprombank-Frezia to market its 56.43% stake in Enel Russia for about 137 million euros, which is paid at closing. read more

Following a agreement, the stake was classified as “held on the market” in the financial record at end-June. The worthiness of the web assets of the machine has been adjusted to reflect the expected sale price.

Once the sale is completed, “an additional charge around 1 billion euros (by June 30, 2022) will undoubtedly be recognised”, Enel said in its interim financial record, adding this is mainly because of the release of currency reserves.

($1 = 0.9955 euros)

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Reporting by Francesca Landini; Editing by Richard Chang

Our Standards: The Thomson Reuters Trust Principles.

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