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Russia's EuroSibEnergo puts IPO plans on hold

MOSCOW, Oct 10 (Reuters) - Russian electricity firm EuroSibEnergo, owned by tycoon Oleg Deripaska, will put off plans for an initial public offering (IPO) in 2013 to focus on a deal with hydroelectric power giant RusHydro , its head said on Wednesday.

EuroSibEnergo had initially planned to place its shares in Hong Kong and raise between $1.1 billion and $1.5 billion in 2011, but postponed the plans due to volatile markets.

Ahead of an IPO, RusHydro may exchange some of its assets for shares in EuroSibEnergo, a banking source previously said.

"We won't consider an IPO in 2013, our number one goal is to do this deal (with RusHydro)", Chief Executive Evgeny Fedorov told journalists on Wednesday.

Fedorov did not talk about terms of a deal but said a transaction was still awaiting approval from authorities.

(Reporting By Anastasia Lyrchikova, writing by Megan Davies; Editing by Mike Nesbit)

((megan.davies@thomsonreuters.com)(+7 916 391 8262))

Keywords: RUSSIA EUROSIBENERGO/IPO