Deripaska wants to sell a share in Ingosstrakh to Italians

The control of Ingosstrakh can go to the Italian Generali, the day before, Interfax said with reference to a source in the Czech company PPF Investments, which controls about 38.5% of the insurer. The agency’s source said: "Generali, which is the co -owner of the PPF Investments insurance business, reached an agreement that Oleg Deripaska would sell part of the shares of the insurer of the Italian company." The transaction, according to him, "may take place before the end of this year, negotiations were included in the final stage." Leading Russian publications discuss the possible consequences of such a decision on Tuesday.

So, informed sources of "News Time" confirmed that Oleg Deripaska’s exit from Ingosstrakh is a solved issue. And although the official version of the transaction will surely be a harmonious for the Russian entrepreneur, it is obvious: the Deripaska could only go to the sale of a Deripaska insurance company only in search of liquidity, and not for considerations about the prospects for the development of the insurance market.

The confrontation between Oleg Deripaska with minority has lasted more than a year and a half - since last spring, Alexander Mamut, sold his share of Ingosstrakh to co -owners of the Czech group PPF. The amount of that transaction was officially not announced, although expert estimates and informed sources converged at a price of $ 750-800 million. Negotiations on the joint development of the insurance business, which Czech entrepreneurs Peter Kelner and Irji Schmeis tried to lead with Deripaska, did not lead to anything.

The owner of the control package did not want the appearance of a "stranger" shareholder, disputing the deal between the mother and the Czechs. The situation has not changed after PPF attracted Generali Italian giant to its insurance business, the Italian business partner. Last fall, the “basic element” tried to blur the share of the minoritarians, making, without their consent, the decision to increase the authorized capital of Ingosstrakh from 2.5 to 10 billion rubles. And later, he sought to prevent the entry of PPF-Generali representatives into the Board of Directors of the Insurer by introducing a number of criteria for membership in this body.

Generali sent top managers to Moscow to negotiate with Oleg Deripaska, but to no avail. At the same time, the Italians noted that they were ready for various scenarios - for the redemption of the control package, and for the sale of their own, and even to joint management of the company. The Russian courts and regulatory authorities, meanwhile, were littered with counter claims of shareholders of the insurance company. Moreover, in this field, the minoritytaria kept prevailing over the entrepreneur, who last year was first called the richest Russian.

According to the Vedomosti source in Generali, the Italians want to control Ingosstrakh, the Russian company is very interesting and attractive to their business. The negotiations discuss various options that will allow Generali to obtain control over the insurer, for example, lending to Bazel or its structures on the security of Ingosstrakh shares.

One of them is the provision of a bail of a 12% shares of Ingosstrakh, a source in PPF says: if Bazel does not return the money, it will lose control of the company. The terms of the loan and the value of the “Ingosstrakh” are not called the publication.

Another option for Vedomosti was told by an investment batank, close to one of Deripaska’s partners: Generali gives PPFi money to increase a share of up to 50% and credit to Deripaska structures on the security of the remaining 50% of Ingosstrakh. This transaction is a resolved issue, the investment batank assures. How much was the entire Ingosstrakh, he does not know.

It is worth noting that the crisis hit Deripaska’s business empire, which he developed on borrowed funds. In the fall, due to Margin Calls, Bazel lost 10% of the Hochtief construction holding and 20% of the Canadian manufacturer of Magna auto components.