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)
April 16, 2014
Ukraine solders detain Russian TV team - website
Russian Foreign Ministry: effects of Washington's support for Kyiv will be disastrous
Georgian reporters freed from Tskhinvali detention facility
"Too early" to scrap visa regime for Russia-Georgia travel - diplomat
Russia slams U.S. for denying visa to Iranian UN envoy
Arrangement of Russian-Georgian summit requires time and objective prerequisites - Karasin
Messages sent to Putin from east Ukraine asking him to move in troops - spokesman
Egyptian satellite placed in orbit
RUSSIA SAYS U.S. SUPPORT FOR KYIV GOVT WILL HAVE DISASTROUS CONSEQUENCES
RUSSIAN FOREIGN MINISTRY ACCUSES WASHINGTON OF APPROVING WAR AGAINST ITS OWN PEOPLE DECLARED BY GOVT IN KYIV
Europeans cannot hear Russia's stance on Ukraine due to wall of censorship - Peskov (Part 2)
Russia's 2014 state revenues may be 700 Bln rubles lower than planned - official