| The value of 10.74% of Gazprom shares will be determined by the concern’s board of directors The Board of Directors of Gazprom will meet at an extraordinary meeting on June 15 to approve transactions for the sale of shares in the state company Rosneftegaz, necessary to establish state control over the monopoly. Moreover, according to Vremya Novostei, it is the meeting participants who will have to determine the final price of 10.74% of the monopoly's shares. The materials that were sent to the council members did not even indicate the amount recommended by Gazprom management. Interested parties - and they differ in their estimates of the package at $2.5-3.5 billion - will try to use the remaining ten days to gain support for their position from the president. Because there are no commercial negotiations between the seller and the buyer.
At the end of the week, on this occasion, the head of one of the departments of the Ministry of Economic Development and Trade, Kirill Androsov, unexpectedly told reporters that officials consider the fair price of the stake based on the quotes of the concern’s shares on the Russian market. Based on the results of Friday trading, 10.74% of Gazprom shares are worth about $7.5 billion. It would be more correct, according to Mr. Androsov, to calculate the price using the method of brokers, who take the weighted average price for 52 weeks without speculative surges and falls. In this case, the price, according to the official, will be at the level of $6.4 billion. He also stated that payment will be made, apparently, over the course of the year in several tranches. Subsequently, the Ministry of Economic Development and Trade stated that there was no official position of the department on this issue.
Another intra-Gazprom intrigue should be the completion of the process of selecting shares for sale to the state. On May 17, when the latest version of the list of Gazprom affiliates was published, the concern's subsidiaries controlled 15.2% of the shares. A source familiar with the situation told Vremya Novostey that the Dutch company Gazprom Finance BV, which has a 4.57% stake on its balance sheet, will have the greatest chance of retaining its stake. Initially, these shares were planned to be placed on Western exchanges in order to attract additional financing. After the liberalization of the stock market, Gazprom will be able to make good money by selling them. In this case, Gazprominvestholding, which together with the companies Fincom and New Financial Technologies controls a 5.33% stake, Gazfond (3.45%), Gazprombank (1.25%) will now part with the shares of the concern. , RFK (0.24%), Rinko (0.2%), Fininvestcom (0.12%) and Mezhregiongaz (0.6%). However, in this case, 0.1% of shares for sale to the state will not be enough to complete the transaction. True, it cannot be ruled out that Gazprombank or some other “daughter” of the concern has already bought the missing shares. Alexey GRIVACHS |
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