November 27, 2012 13:17
Russian Technologies selling 45.42% of VSMPO-Avisma to management, Gazprombank for $970 mln (Part 4)
MOSCOW. Nov 27 (Interfax) - The state Russian Technologies (Rostekhnologii) corporation is selling 45.42% of titanium producer VSMPO-Avisma (RTS: VSMO) to the company's management and to Gazprombank (RTS: GZPR) for $965 million-$970 million, VSMPO-Avisma's general director, Mikhail Voyevodin, told reporters.
Following the deal, Nordcom, a Cyprus-registered joint venture between management and the bank will own 50% plus one share in the corporation. Russian Technologies will own 25% plus one share.
Closure is expected within two weeks.
Voyevodin said Nordcom would borrow $495 million from Sberbank (RTS: SBER) to buy shares in the corporation from Russian Technologies.
Nordcom will also receive 4.6% of VSMPO-Avisma that management has bought on the market.
VSMPO management will own 75% plus one share in the joint venture.
The cost of the deal works out at $187 per share or $970 million for the whole stake.
Russian Technologies will use its proceeds from the deal to pay off a loan of $294 million to VTB (RTS: VTBR).
VSMPO-Avisma management includes Voyevodin; Mikhail Shelkov, deputy board chairman; Alexei Mindlin, deputy CEO, economics and finance; Dmitry Sannikov, head accountant; and Artem Kislichenko, legal affairs manager.
Shares in VSMPO-Avisma soared 4% on the MICEX-RTS exchange to 5,512.1 rubles by 1:00 p.m. Moscow time.
(Our editorial staff can be reached at email@example.com)
March 31, 2015
RUSSIAN FAS SAYS HAS CLEARED ROSNEFT TO BUY 49% OF ROSNEFTEFLOT JV FROM SOVCOMFLOT
DPR claims new ceasefire violations by Ukrainian army
RUSSIA WILL DO EVERYTHING IN ITS POWER TO PREVENT OPEN CONFLICT BETWEEN ARAB WORLD, IRAN - LAVROV
Euro falls below 62 rubles, ruble resumes growth
LAVROV: TALKS BETWEEN SIDES IN YEMEN CONFLICT SHOULD TAKE PLACE IN NEUTRAL TERRITORY
MILITARY ACTION, INCLUDING STRIKES BY COALITION, NEEDS TO STOP IN YEMEN - LAVROV
Gazprom might write off 22 bln rubles on Shtokman Development
LIFTING UNILATERAL SANCTIONS AGAINST IRAN A MATTER FOR TEHRAN AND STATES THAT IMPOSED SANCTIONS - LAVROV
UN SECURITY COUNCIL SANCTIONS AGAINST TEHRAN SHOULD STOP AFTER SEXTET, IRAN REACH AGREEMENT - LAVROV
CHANCE OF REACHING RESULTS AT IRAN NUCLEAR TALKS REALISTIC IF NO ONE DECIDES TO 'RAISE STAKES' - LAVROV
LAVROV: PROSPECTS OF CURRENT ROUND OF NEGOTIATIONS BETWEEN SEXTET, IRAN ARE GOOD
LAVROV SAYS HE WILL REJOIN IRAN NUCLEAR TALKS IN LAUSANNE ON TUESDAY
MICEX and RTS Indexes at 11:00 MSK
RZD swings to 44 bln rubles net loss to RAS in 2014