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)
September 02, 2015
Russia and CIS political and economic calendar: September 2
September 01, 2015
Poroshenko: Trilateral Contact Group's work should be more efficient (Part 2)
Risk of Ukraine's default remains in place in short term - Moody's
Kyiv police department reinforces patrols in city center
Russian defense minister to hold talks with Chinese counterparts in Beijing
Opposition Bloc demands Ukrainian govt maintain law and order, confiscate illegal weapons
No use of heavy weapons recorded in Donbas over past 2 days - OSCE SMM (Part 2)
Events in Kyiv show Poroshenko's desire to distance himself from radicals - expert
EU diplomat confirms extension of sanctions against Russians, Donbas militiamen is under consideration (Part 2)
No use of heavy weapons recorded in Donbas over past 2 days - OSCE SMM
Kazakhstan, China sign deals worth $23 bln
EU diplomat confirms extension of sanctions against Russians, Donbas militiamen is under consideration
Russia proposes holding of intl anti-corruption forum in St. Pete in November