The approval of the government
A subsidiary of En+ Group of Oleg Deripaska “EvroSibEnergo” in the near future buy 40,007% of actions “Irkutskenergo” in “inter RAO”. Thursday, 12 may, Deputy energy Minister Vyacheslav Kravchenko said that the deal is close to closing: it is approved by the government, the rating company acceptable to the buyer and the seller.
A source close to “inter RAO”, confirms that Prime Minister Dmitry Medvedev on Wednesday signed a government decree on approval of the transaction. “The cost is already nearly clear. Now if the company will start the conciliation of the event approval by boards and boards of Directors, just released about two or three weeks,” he says.
The officer of the government says that Medvedev has not yet signed any papers, but will do it soon. Representatives of the government, “the EuroSibEnergo” and “inter RAO declined to comment.
The capacity of power stations “Irkutskenergo” is 12.9 GW. It is the largest energy company of Siberia. “Inter RAO UES” received the package “Irkutskenergo” from “RusGidro” by order of the government in late 2010 and immediately announced plans of selling it, as this share does not allow to exercise operational control over the company. Even in 2013, Medvedev signed a decree that 40% of Irkutskenergo from inter RAO UES” will purchase “Rosneftegaz”, but the deal never took place.
“The EuroSibEnergo already owns a controlling stake in the Irkutsk company and with the purchase of shares in “inter RAO” will increase its stake to 90%. During the joint ownership of the two largest shareholders, many times there is disagreement on development strategy and management of financial flows of the company. For example, at the end of 2015, “inter RAO UES” filed a lawsuit to the General Director “Irkutskenergo” Oleg, Pricco about collecting almost 200 million rubles for Such damage, according to the plaintiff, was caused to the company due to the failure of “Irkutskenergo” to buy out the EuroSibEnergo and 3,14% of shares of Krasnoyarsk hydroelectric power station at a price two times lower than the market.
At the EuroSibEnergo and inter RAO were different views on the development of the company, the analyst of Gazprombank Matvey Taits. Selling “inter RAO UES” for its stake will allow the EuroSibEnergo will “Irkutskenergo” to invest in those projects that “the EuroSibEnergo need.
Energy for “Rusala”
For Deripaska “Irkutskenergo” — the underlying asset, which is the largest supplier of electricity to aluminum plants of the group in the region, continues Taits. In Siberia, UC Rusal is located at Novokuznetsk, Sayanogorsk, Khakass, Krasnoyarsk, Irkutsk and Bratsk aluminium smelters. UC Rusal representative said that one of the main consumers of “Irkutskenergo” is the Bratsk plant.
The price of the transaction, the interlocutors do not call. As at 19.00 Moscow stock exchange on 40% “Irkutskenergo” cost 37,18 billion. “Interfax” with reference to the materials for meeting of shareholders “Irkutskenergo” has informed that the company was valued for the transaction at 71.5 billion rubles. taking this into account, it turns out that belonging to inter RAO’s 40% stake in Irkutskenergo is estimated at 28.6 billion. However, a senior Federal official said that “the EuroSibEnergo” will pay more than 30 billion rubles.
According to the legislation on joint-stock companies “, EuroSibEnergo” will have to offer minority shareholders “Irkutskenergo” to buy out their share. The offer price cannot be lower than the average for the last six months. From December 12, 2015 may 12, 2016 the average cost of the company’s shares on the Moscow exchange amounted to RUB 11,62 Thus, costs “, EvroSibEnergo” can exceed 5.4 billion rubles.