Titanium Grip

Rosoboronexport intends to immediately gain control of VSPMO-Avisma

The state-owned Rosoboronexport will receive not a blocking stake in the titanium corporation VSPMO-Avisma, as previously planned, but a controlling stake. The head of the state-owned company, Sergei Chemezov, told reporters yesterday: “Negotiations with the main owners of the corporation have almost been completed (these are Vyacheslav Bresht and Vladislav Tetyukhin - Ed. ), and in the near future we will receive more than a controlling stake.” Experts suggest that Rosoboronexport managed to reach an agreement with Messrs. Bresht and Tetyukhin about buying out their entire stake - together they control 64% of the shares of VSMPO-Avisma, i.e. each 32%. Representatives of the titanium corporation were unavailable for comment yesterday.

Previously, it was said that Rosoboronexport would receive a blocking stake in VSPMO-Avisma at the first stage. However, the Federal State Unitary Enterprise has never hidden the fact that it is interested in control over the titanium corporation. It was expected that the blocking stake would become the property of the state-owned enterprise as early as May of this year. However, the negotiations dragged on, and the parties preferred not to comment on the situation. Apparently, during the negotiations, representatives of the state-owned company managed to overcome the resistance of Mr. Tetyukhin, who wanted to retain at least part of the package. It is unknown under what conditions the deal might take place. Will Messrs. be saved? Tetyukhin and Bresht, after the sale of shares, took over positions in the corporation (Mr. Bresht holds the position of chairman of the board of directors of VSMPO-Avisma, and Mr. Tetyukhin is the general director), it is not reported.

Mr. Chemezov assured reporters yesterday that after gaining control of the titanium corporation Rosoboronexport, he intends to “strengthen the ties” established by its current owners and managers. He noted that the company will continue, in particular, to implement a project to create a joint venture with the American aircraft manufacturing corporation Boeing.

Experts positively assess the arrival of the state as the main shareholder of VSPMO-Avisma. According to Dmitry Parfenov from the Prospekt Investment Group, the state can provide the corporation with an influx of additional funds; with the work structure already in place, they can be used quite quickly and effectively. As you know, the current owners of the corporation previously called their main task the construction of new capacities for the production of titanium sponge, the shortage of which is growing from year to year. In addition, Mr. Parfenov believes, the state will be able to provide the company with additional government orders.

However, some experts see a political motive in the change of ownership of VSPMO-Avisma. “It is obvious that this is not so much an economic as a political event with a pronounced military-strategic dominant: its direct consequence is that now the leading aircraft manufacturers of our “probable opponents” will have to deal directly with the state,” says the managing partner of Finexpertiza » Elena Trubnikova. “But VSPMO-Avisma itself should only benefit from state tutelage.”

Anna LANDER