“Rosneftegaz” can fully or partially Finance the repurchase by Rosneft of its shares, writes Reuters. “Rosneft” will return shareholder money, paying for the package, and he will forward them to the budget in the form of dividends, sources told the
holding “Rosneftegaz” through which the state owns 69.5% of Rosneft, is considering granting oil companies financing to buy back its own shares within the framework of privatization, announced on Tuesday by Reuters, citing three sources familiar with the negotiations.
the Government hopes to gain from the sale of 19.5% of “Rosneft” at least 710,85 billion rubles According to the plan outlined by government officials, “Rosneft” can buy from “Rosneftegaz” this package to resell to investors in the first quarter of 2017, Reuters writes. Three of the interlocutor of the Agency, not directly involved in the preparation of the transaction, said that, in their understanding, there is the option in which “Rosneftegaz” will provide the whole amount or part of the funds needed by the company for this transaction. Reuters did not specify the terms on which “Rosneftegaz” will give the money to Rosneft.
According to the scheme “Rosneft” will return “Rosneftegaz” received money from him in exchange for the shares, and the holding in turn will transfer about 700 billion rubles to the budget in the form of special dividends, says Reuters, citing sources in the banking and energy sector. The official representative of “Rosneft” Mikhail Leontyev in an interview with Reuters called the information about the existence of such a plan “nonsense” and stressed that “Rosneftegaz” the seller, not the purchaser” of shares of “Rosneft”.
Rosneftegaz may Finance only a portion of the purchase of shares of “Rosneft”, as it possesses a amount of 700 billion rubles, told Reuters a source in the banking sector and a source close to the government. By the end of 2015, the holding company had 472 billion rubles in cash in rubles and foreign currency received in the form of dividends from shares in state-controlled companies (other than 69.5% of Rosneft’s holding company owns 10,97%, “Gazprom” and 27,63% of “inter RAO”), it follows from the analytical report of the experts of Raiffeisen Bank, published on Tuesday.
Earlier on Tuesday, the first Deputy Chairman of the Bank of Russia Ksenia Yudaeva said that is “absolutely different options,” how Rosneft could Finance this deal. “In any case, it is unlikely that there will be some very serious consequences, some of the super-high impact (for exchange rate. RBC)”, she said.
Promotions to motivate
In early November, the Fund Energy, controlled by former energy Minister Igor Yusufov offered to send options to the management and staff of a part of shares of “Rosneft” after samovyta. Sale of 19.5% Rosneft “can be carried out in the buy-back, when “Rosneft” will redeem their own shares, in the future, providing management and staff the options on some of these stocks as long-term incentives and motivation”, stated in the report of the Fund.
a Source close to “Rosneft”, called this option is unlikely. For such options would be enough of a package is less than 1%, as payments to managers of “Rosneft” is not comparable with the cost of the package, he said. Press Secretary of “Rosneft” Mikhail Leontyev refused to actually comment on this proposal.
In mid-October, President Vladimir Putin, commenting on the purchase by Rosneft of a controlling stake in Bashneft, announced that the company has funds to temporarily buy back own shares. “Indeed, it was confirmed that the money in the accounts of the company, there are additional funds from the market, the Russian domestic financial market, the completion of all operations, including sales, and if necessary, temporary acquisition and redemption of shares “Rosneft” the company will not be required,” he said.
Later, Putin said that Rosneft’s purchase of its shares is only possible as an intermediate step before the “real privatization”. The sale of shares of “Rosneft” will be “a real big privatization of large Russian state property” without a loss of state control in the company, he said. “But if the market is low, if we fail to negotiate, we do not exclude this step (redemption of shares. the RBC) as a preliminary to further work on the privatization,” — did not exclude the President.
In October “Rosneft” has bought from the Federal property management Agency controlling stake (of 50.08%) of Bashneft. The amount of the transaction amounted to 329,69 billion to Attract additional loans for the purchase of the state stake in Bashneft to Rosneft are needed, said Mikhail Leontyev. In the first half of the year, the accounts of the company were over $ 22 billion and about $ 3 billion it received from the sale of Indian investors minority stakes in the subsidiaries.
In late October, the Board of Directors of “Rosneft” approved the company’s participation in the transaction worth $ 1.5 billion or over. The transaction itself the company did not disclose. The approval of a major transaction may indicate the intention of “Rosneft” purchase of 19.5% of its own shares from Rosneftegaz or redeem shares of minority shareholders of “Bashneft”, told RBC analyst of investment company “Opening the Capital” Artem Konchin. 7 November “Rosneft” has agreed about sale of the Chinese company Beijing Gas Group 20% in one of its largest assets in Eastern Siberia Verkhnechonskneftegaz. As a result of this transaction, it will receive $ 1.1 billion
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