Rosneft suit blocks TGK-11 share sale -source

MOSCOW, March 28 (Reuters) - A Russian court has frozen the sale of shares in power producer TGK-11 (TGKK.MM: Quote, Profile, Research) as part of a second lawsuit filed by Neft Aktiv, a subsidiary of oil major Rosneft (ROSN.MM: Quote, Profile, Research), a source close to the sale said on Friday.

"This is already another Neft Aktiv case, which was filed in Novosibirsk. But unlike the Moscow court's decision, they asked in this case to take the precautionary measure of blocking the placement of the new shares," the source told Reuters.

An arbitration court in Moscow ruled last month not to stop trading or freeze the assets of TGK-11 while its legal battle with Rosneft was in process.

The ruling of the Novosibirsk court, however, will not allow TGK-11 to move forward with the sale until a final decision in the case is reached.

An ultimate Rosneft victory in the case could sharply devalue TGK-11, forcing it to split off one of its two regional power producers, TomskEnergo, which makes up 26 percent of its share capital and a third of its heat and electricity output.

Rosneft, which owns 5 percent of TGK-11, has major strategic interests in the oil-producing Tomsk region, where TomskEnergo operates.

Analysts have said the suit may be aimed at splitting TGK-11 so state-controlled Rosneft, Russia's largest oil producer, can get a bigger stake in the part it finds valuable.

Rosneft's claim questions the legality of the shareholders' meeting at which TomskEnergo agreed to merge into TGK-11.

TGK-11 has said the meeting was organised in full compliance with the law.