On the government passed the first stage on the organization of the sale of “Bashneft” package last week. July 12 Federal Property Management Agency has entered into an agency agreement with the “VTB Capital,” and on July 13 the agent sent out invitations to potential investors, including foreign ones. Applications from potential buyers, “Bashneft” government agent takes up to July 25, told “Gazeta.ru” sources familiar with the progress of the privatization deal.
Just a list of recipients of the “VTB Capital” newsletter has got more than 50 destinations .
Among the foreigners letter received almost all European major oil companies. In particular, the proposal to participate in the transaction received the Dutch-British of Shell, French Total, British BP’s, Norway’s Statoil and Italy’s ENI.
The letters sent in the Chinese company Sinopec and India’s ONGC and Oil India .
About the beginning of the privatization notified and large investment funds, including the Russian direct investment Fund (RDIF). In addition, the sources referred to the Chinese Silk Road Fund and CIC, Mubadala from the United Arab Emirates.
Among the Russian Strategic letters investors sent including “Lukoil”, “Rosneft”, “Gazprom”, “Tatneft” and “Surgutneftegaz».
The first phase of the sale of “Bashneft”, it was decided to start immediately the next day after summing up the outcome of the sale 11 July ALROSA, said a source familiar with the preparation of the privatization. For the package of 10.9% in the diamond mining company managed to gain the benefit of the budget 52.2 billion rubles.
Total sales of stakes in large companies this year the government expects to raise in budget of about 1 trillion rubles.
The minimum discount on the shares of ALROSA to the market value of the assets and the Middle East participated in the acquisition of its shares in the government considered a good signal. “Foreign investors have shown that, in spite of the sanctions regime, the interest in Russian assets liquid is stored,” – said Minister of Economic Development Alexei Ulyukayev at the end of the first transaction
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Sources told “Gazeta.ru”, that in the case of the sale package “Bashneft” to foreign investors of their direct involvement in the transaction are not being discussed. They should be submitted to a legal entity in the Russian jurisdiction. This position is the government intends to consolidate separately as qualifications to participants purchase “Bashneft” package. In turn, the qualification requirements is planned to form in consultation with potential investors in the first stage of the transaction. “VTB Capital” and the Federal Property Management Agency declined to comment on the beginning and the conditions of sale of shares “Bashneft».
Opting for the sale of the entire stake to a strategic investor in the government going to do based on the reaction of the invited Agent investors, investment banker said, familiar with the preparation of transactions. According to him, there are no signs of attempts to implement the package through the stock exchange – at the second stage prepares holding a public auction or tender, in which can participate not only investors who have received notice, but other market participants. By the decision of the government, signed by Prime Minister Dmitry Medvedev on June 15 offered for sale ordinary registered shares “Bashneft” in the amount of 50.0755% of its share capital.
It should be noted that immediately after the sale of package ALROSA head of the Federal Property Management Agency Dmitry Pristanskaya said that “Bashneft” can be sold to a pool of several strategic investors. “When people talk about a strategy that does not mean that it can be the only strategy, it may be a club deal, a pool of several profile investors who will meet certain criteria and quality”, – said Pristanskaya. At the same time the head of the Federal Property Management Agency said that the preferred option – to sell a controlling stake to a strategic investor, but investment consultants had not yet submitted its report, and a final decision on the method of sale is not. Proposals of the organizers for the privatization of the company are expected to fall, Pristanskaya said.
On the possibility of organizing a pool of investors is evidenced by the fact that the message about the beginning of the privatization of “Bashneft” is directed not only to companies but and individuals. In the list there is Roman Abramovich, Vladimir Potanin and Mikhail Prokhorov, Gennady Timchenko, Arkady Rotenberg, Alexei Mordashov, Alisher Usmanov and some other wealthy Russian businessmen, sources told
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The first vice-premier Igor Shuvalov last week also said that preparations for the deal “looks as though we will work with a strategic investor. ” But at the same time, he said, “nothing in my words not be regarded as a foregone conclusion, because government regulations, decisions of the president and prime minister on how we sell are definitely not.” According to Shuvalov, the choice will be made in favor of the investor, which gives more for the development of the company.
The price of the package as a criterion for the selection of the buyer Deputy Prime Minister called only in second place. “We will then make a decision to publicly explain, if we go through a placement of shares to a strategic investor, why we chose this” – he said. At the same time Deputy Prime Minister did not rule out the stock sale. The only clear condition for passing the “big privatization”, according to Shuvalov, is that “in any case can not be done on the privatization of borrowed funds of banks with state participation».
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