The media learned about the desire of the Agency to carry out privatization without “strategists”


“Large privatization” of state assets, which was previously announced, President Vladimir Putin must be conducted using a portion of state-owned stakes on the open market and not through sale to strategic investors. About this position the head of Rosimushchestvo Olga Dergunova told “Vedomosti” Federal officials familiar with the situation. The publication notes that as the very Dergunova, and the Federal property management Agency declined to comment.

One of the interlocutors of the newspaper told that Dergunova suggested a more “modest” model of privatization, for example in the case of Rosneft, place on the market 4-5% of the company’s shares (currently scheduled for privatization package 19.5%). The price is low, but when you sell “strategists” it will be slightly higher, explained to the edition a source who knows the position Dergunova, and at least be able to avoid accusations of opacity.

Two officials, who discussed with the head of Rosimushchestvo these problems, said Dergunova afraid to become responsible for the results of privatization, which may be weak.

“She said that the placement on the exchange will set a low benchmark for the value of state assets, but the sale of “strategists” may be an even worse option, as it will lead to the redistribution of property”, — told the newspaper Federal official.

It clarifies the issue, the Finance Ministry expects to gain from privatization of 700-800 billion rubles: about 300 billion rubles from the sale of a controlling stake of “Bashneft” (60,16%) and 18.9% of ALROSA, approximately 500 billion to 19.5% of “Rosneft”. “The proceeds from the sale of Rosneft signicant only in theory. Western investors amid sanctions will not fly (although formally it is not prohibited), it is possible to wait for money from Chinese investors, but they love to use the weak position of the seller. Russian investors who have the money, now small, it will inevitably evoke associations with the privatization of the 90s,” he told the logic Dergunova one of them.

In February the assistant of President Vladimir Putin and Chairman of the Board of Directors of “Rosneft” Andrei Belousov said that 19% of Rosneft shares you need to sell to a strategic investor, rather than placed on the open market. This needs to be done to get the maximum premium over the market price, he said. “Of course, if we privatize [Rosneft], and such decisions are made, we need to privatize 19%. This will give a substantial premium to the price. You need to sell the strategy, because on the open market this amount is simply impossible to put in force a large scale,” he said then.

President Vladimir Putin called key terms “large privatization” on March 1. He advocated for the transparency of transactions and economic feasibility of sale of state assets. In addition, Putin expressed the need to avoid hostile takeovers of rival companies urged to pay more attention to the “quality investors” and noted that the state should retain control over the strategically important enterprises and to prevent withdrawal of the privatized assets of Russian jurisdiction.