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MOSCOW (AP) - The Russian government has approved state electricity monopoly Unified Energy Systems's plan to to buy a 22.43 percent stake in the Power Machines engineering group, which Germany's Siemens AG had unsuccessfully tried to buy.
Prime Minister Mikhail Fradkov on Monday signed a directive instructing government representatives on the board of the Unified Energy Systems monopoly to vote for the purchase, the Interfax news agency quoted Mikhail Kopeikin, the cabinet's deputy chief of staff.
Power Machines is owned by the Interros conglomerate, which is controlled by tycoon Vladimir Potanin.
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