“We are still in negotiations. We are studying all possibilities, but no solution yet. We are in the market still not go” — so the new Chairman of Vnesheconombank Sergey Gorkov commented on Tuesday, April 5, the possible sale of the VEB its stake in Gazprom. According to Gor, the deal may happen this year.
VEB acquired receipts (ADR) of 2.7% of Gazprom from Germany’s E. On in late 2010. The transaction amount was not disclosed, but two sources in the web say that it was $3 billion it was Planned that VEB will sell the package in 2011-2012 at a premium to the market, but shares of “Gazprom” began to fall, and VEB recorded from year to year loss. At 17:00 Wednesday, 6 April, a 2.7% stake in Gazprom worth on the Moscow exchange 92.2 billion rubles, or $1.3 billion.
As it became known , to buy a stake VEB Gazprom can Gazprom or affiliated with it company. This tells a government official and two sources close to VEB. One of them said that the draft minutes of the Supervisory Council, which was held on 29 March, was provided by the sale of those shares, and responsible for the execution of orders was listed VEB and Gazprom. The final Protocol has not been signed by Prime Minister Dmitry Medvedev.
“Purchase “Gazprom” — the main option now details are being discussed,” says a source in the government. According to him, if the deal for whatever reason falls through, the second possible buyer — the state company Rosneftegaz, which already has representation stands at 10.97% stake in the monopoly.
Sale price will be “linked with the market”, said Tuesday the first Deputy Chairman of Vnesheconombank Nikolai Tsekhomsky. The shares are unlikely to sell even at face value, I agree, a source close to the VEB. Gorkov Tuesday acknowledged that the deal, VEB will likely record a loss, however, Bank capital is not affected.
The national audit office will continue
Sale by VEB of its share in “Gazprom” will not lead to the loss of government control monopoly. The government now controls more than 50% of Gazprom without taking into account the proportion of EBV: 38,373% owned by the Federal property management Agency, representation stands at 10.97% — “Rosneftegaz”, 0,889% — “Rosgazifikatsia” (total of 50,232%). Rosneftegaz and Rosgazifikatsiya, in turn, controlled by the state, according to the website of “Gazprom”. The rest is traded in the market (28,392%) and is owned by other legal and natural persons (21,376%).
Representatives of VEB, Gazprom and “Rosneft” (the company’s President Igor Sechin chairs the Board of Directors of “Rosneftegaz”) declined to comment. A source in Rosneft said that Rosneftegaz ready to buy shares of “Gazprom”, if the instruction from the Kremlin or the government. Rosneftegaz already bought in 2013 without the directives of the government of 0.23% of Gazprom that allowed the state to obtain formal control in monopoly, reported “Vedomosti”.
It would be logical, if “Gazprom” will buy 2.7 percent of Treasury shares to VEB and then repay Treasury shares, says the analyst of “Renaissance Capital” Ildar Davletshin. “Thus, it will help the state Bank, increase the earnings per share and overall assessment of the company — that’s a plus for the state as shareholder and the minority shareholders (their shares and, accordingly, the dividends may increase in proportion to the shares redeemed shares. — ) “, says Davletshin.
The deal with Gazprom will not solve all the problems of the Bank. Finance Minister Anton Siluanov in December 2015, said to perform its obligations of the Corporation need 1.2 trillion rubles In February, the government announced that it would place on Deposit with VEB to 100 billion rubles of the Federal Treasury for up to nine months and in March decided on the capital increase of 150 billion roubles that will allow to avoid a default on its external debt. Also, the top management of VEB offers to convert short-term loans to the Central Bank in the amount of 500 billion roubles in a subordinated loan for ten years to be in the capital of the Corporation, reported the sources close to VEB, as well as the government.