Russian railways

GidroOGK Saves Russia a Place.

Russia was among the top five European countries with the most active M&A markets thanks to GidroOGK's consolidation of assets.

World M&A deals were worth $661 billion in the first quarter, down from $962 billion in the same period of last year to the weakest indicator for the first quarter since 2005.

The Russian M&A market's first quarter results did not significantly differ from earlier quarters.

Experts say that the Russian M&A market should remain brisk this year, with RAO UES of Russia continuing its reforms and Russian Railways soon to begin selling off its subsidiaries.

The IPO market fared worse. In Europe, IPO issues were worth $800 million in the first quarter, compared to $13.8 billion last year. The United States scored better only because of the IPO of the world's largest payment operator Visa, worth $19.6 billion. That issue represented 96 percent of the country's IPO market in the first quarter. There have been no Russian IPO since the beginning of the year.