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 firstname.lastname@example.org)
September 27, 2016
Uralvagonzavod to deliver over 2,000 Armata tanks to Russian army - general director (Part 2)
OSCE counts on Donbas conflicting sides to demine pilot disengagement zones
Lavrov congratulates Colombia on signing of internal peace accord
INTERNATIONAL PARALYMPIC COMMITTEE NAMES SUSPENSION OF LEGAL ACTIONS AS CONDITION TO RESTORE RUSSIAN PARALYMPIC COMMITTEE'S MEMBERSHIP - ROZHKOV
VTB 24 wants to double VIP client base to 20,000 by end of 2019
VTB24 to wind down restructuring of forex mortgages, cancels some preferences
Russian Foreign Ministry expects contract for delivery of Russian S-300 air defense systems to Iran to be fulfilled this year (Part 2)
Uralvagonzavod to deliver over 2,000 Armata tanks to Russian army - general director
Naryshkin hopes PACE to verify Russian delegation's credentials in October
MICEX and RTS Indexes at 11:00 MSK
Pilot Yaroshenko signs request for his transfer to Russia under Strasbourg convention - newspaper
Norilsk Nickel board approves raising syndicated loan of up to $500 mln
Russian Foreign Ministry expects contract for delivery of Russian S-300 air defense systems to Iran to be fulfilled this year