Credit Suisse has emerged as the frontrunner to advise energy company Enel on what could become the first foreign takeover of a Russian electricity provider, after helping the Italian utility boost its stake in the Kremlin-owned OGK-5.

Enel yesterday paid $423m (€303m) to take its holding in OGK-5 from just under 30%, the takeover threshold obliging the company to launch a full takeover of the business, to 37%.