Prime Minister Dmitry Medvedev signed a decree on the sale 50,075% of “Bashneft” for 329,6 billion rubles. As expected, the buyer was Rosneft. The head of the government said Monday during the meeting with Deputy Prime Ministers. According to Medvedev, payment must be received no later than October 14. Representatives of “Rosneft” was unavailable for comment.
last Thursday, the Russian government published the approved first Deputy Prime Minister Igor Shuvalov guidelines for members of the Board of Directors of “Rosneft”, representing the interests of the Russian Federation. Members sowder, these directives should vote for the draft decision providing for the approval of the participation of “Rosneft” in the capital of the company “Bashneft” by purchasing 50,0755% of the shares, at a price not more than 330 billion rubles on Thursday the first Vice-President “Rosneft” Pavel Fedorov said the company’s Board of Directors “has adopted all the necessary decisions” related to the purchase of “Bashneft”.
the Day the capitalization of “Bashneft” on the Moscow stock exchange amounted to 474,587 billion rubles, thus, the market value of half the company — about 237,3 billion rubles. But it is worth considering that here we are talking only about the ordinary shares, and there are still preferred (even 46,588 bn). As explained by an analyst of Bank “URALSIB” Alexey Kokin, Rosneft will buy 50% of capital of “Bashneft”, but about 60% of the ordinary shares.
So, according to Kokina, the award of Rosneft to the market will be about 16%.
the Money the company has — analyst notes that accounts of “Rosneft” at the moment accumulated about 1.1 trillion rubles. “so far, however, is not very clear what will be expressed in synergy, which, as said earlier “Rosneft” will give to her the purchase of “Bashneft”, says Kokin. — Perhaps this is due to the deposits of Trebs and Titov, which is developing the Bashkir company. In the area of “Rosneft” a lot of their assets, such as Labranche and Naulskoye field.
by the Way, the Minister of economic development Alexey Ulyukaev last week said that the synergies from the takeover of Bashneft by Rosneft will amount to 150-180 billion rubles from the economy to the oil refining (“Bashneft” is attractive primarily for its refining assets. — “Газета.Ru”). And this will lead to growth of capitalisation “Rosneft”.
On the news about a Medvedev papers “Rosneft” have added up 2.34%, to 349,5 rubles. apiece. The capitalization of the company amounted to 3,727 trillion.
“Bashneft” has been queued for privatization at the end of may, although its possible sale, the market began to say in late 2014 or early 2015, when the company moved from AFK “System” Vladimir Yevtushenkov in the possession of the state. The privatization of “Bashneft” designed to Supplement the budget. As mentioned earlier, Ulyukayev said that the proceeds from the sale of the asset is instantly available in the budget.
However, this will not solve budget problems. According to estimates Alexandra Suslina of the Economic expert group, even with the sale of “Bashneft” and 19.5% of “Rosneft” is the budget deficit-2106 will be about 3 trillion rubles.
this is Due to increased spending on the defense sector.
in Addition to Rosneft its interest in the acquisition of the asset stated “LUKOIL”, “RussNeft” Mikhail Gutseriev, the NOC of the former head of Rosneft Eduard Khudainatov, “Tatneft”, “Tatneftegaz” Sergei bahira Foundation and the “Energy” of former energy Minister Igor Yusufov. But the market from the very beginning assumed that other candidates will not be able to compete with Rosneft in monetary terms.
the candidacy of “Rosneft” has caused the greatest controversy in the government, relevant agencies could not decide whether Rosneft as state-owned company the right to participate in privatization of the state asset. The contradiction was finally resolved in late September when Igor Shuvalov announced that the restrictions for Rosneft.
Chief economist Yaroslav Lissovolik EDB indicates that privatization always has two main objectives: fiscal, that is, replenishment, and improving corporate governance. For the latter, it would be better to invite foreign investors, which would improve the investment climate and attracting interest from foreign players.
“But clearly outweigh the fiscal considerations that will reduce the pressure on the budget and most importantly on the Reserve Fund, — says the expert. — Most likely, the fiscal factor will dominate in the privatization of state assets by the end of this year.”
Incidentally, with regard to further privatization of state assets that had previously expressed concerns about the possible delay of the privatization of “Rosneft”. The fact that after the actual purchase of “Bashneft”, the buyer will need time to absorption of the Bashkir assets and integrating them into its structure. Then you will need to conduct its own reassessment.
Dmitry Medvedev on this occasion said that he expects to take all necessary Agency decisions, and work to find the necessary investors for the implementation of 19.5% of “Rosneft” to the end of 2016.
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