Russia 110329 Basic Political Developments
Business, Energy or Environmental regulations or discussions
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- Mechel seeks to buy Raspadskaya coal company for $1.8-2.3 bln
- Russias EuroSibEnergo may hold IPO in autumn
- OTP Bank issues RUB 2.5 bln bond in Russia
- Sberbank could convert 4% of shares into ADRs in 2011, 25% in all – source
Business, Energy or Environmental regulations or discussionsRussian Power Sector Consolidates In $2.77 Billion Share Swaphttp://www.foxbusiness.com/industries/2011/03/29/russian-power-sector-consolidates-277-billion-share-swap/ By Alexis Flynn Published March 29, 2011 | Dow Jones Newswires LONDON -(Dow Jones)- Russian state-controlled high-voltage transmission firm Federal Grid Co. of Unified Energy System (FEES.RS) said Tuesday it will exchange minority holdings in some 22 electricity utilities for a stake of up to 20%-minus-one-share in peer Inter RAO EES OAO (IRAO.RS), in a deal that effectively consolidates a large part of the country's heavily fragmented power market. State-owned utility Inter RAO, whose board is headed by Deputy Prime Minister Igor Sechin, has made a series of acquisitions in recent months as it seeks to boost the efficiency of the country's energy infrastructure. Federal Grid said Inter RAO will issue fresh equity totaling 1,470 billion new shares, which would then be given to Federal Grid in return for its stakes in up to 22 power firms formed during the complex privatization of the country's giant electricity market. In a separate transaction, Federal Grid subsidiary LLC Power Index Energetiky will acquire up to 413.62 billion of Inter RAO's newly issued shares in return for its own stakes in various electricity-generating companies. The $2.77 billion asset swap, which includes Federal Grid's interests in electric power generators RusHydro (HYDR.RS) and Bashkirenergo (BEGY.RS), will leave the company in control of up to 20% minus one share of Inter RAO, and combined with its affiliates, up to a blocking stake total of 25%. Federal Grid, which owns the world's largest transmission grid, Monday completed a technical listing of its global depository receipts on the London Stock Exchange. Copyright © 2011 Dow Jones Newswires Mechel seeks to buy Raspadskaya coal company for $1.8-2.3 blnhttp://en.rian.ru/business/20110329/163263129.html 12:19 29/03/2011 MOSCOW, March 29 (RIA Novosti) - Mechel, Russia's leading producer of coal for the steelmaking industry, is in talks over the purchase of the Siberia-based Raspadskaya coal company but is only prepared to pay a third of the sum requested by Raspadskaya shareholders, sources familiar with the negotiations said on Tuesday. The Raspadskaya shareholders value the company at $6 billion while Mechel is ready to pay only $1.8-2.3 billion for the miner, which has hindered negotiations, the sources said. Raspadskaya is a good asset but is overpriced considering the difficulties, which the company is currently experiencing and which explain the shareholders' intention to sell it, three sources in the industry told RIA Novosti. "The negotiations are proceeding with great difficulty. Raspadskaya wants a valuation of $6 billion while Mechel is unwilling to pay more than $1.8-2.3 billion," one of the sources said. Raspadskaya, the largest producer of steelmaking coal in Russia in 2009, had to cut coal output significantly after a series of explosions hit its key mine in west Siberia in May 2010, killing 91 miners. Mechel told RIA Novosti it was interested in Raspadskaya but had not made any price offer so far.
MOSCOW, March 29 (RIA Novosti) - EuroSibEnergo generating firm, the power unit of Russian aluminum tycoon Oleg Deripaska's business empire, may revive its initial public offering plans in autumn, its Chairman Andrei Likhachyov said on Tuesday. "We are not conducting any processes connected with the placement, but anything may happen in the autumn," Likhachyov said. EuroSibEnergo planned to hold an IPO in Hong Kong last December but the plans collapsed as the company's strategic investor, Yangtze Power Co, China's largest listed hydropower corporation, failed to get Beijing's permission to participate in the deal and establish a joint venture for the construction of power generating facilities in Siberia. EuroSibEnergo planned to offer 25% of its shares and raise about $1.5 billion in the IPO, valuing the company at $6 billion. The company had prepared for going public in 2009, Likhachyov said. OTP Bank issues RUB 2.5 bln bond in Russiahttp://bbjonline.hu/economy/otp-bank-issues-rub-25-bln-bond-in-russia_56863 MTI – Econews Monday 02:40, March 28th, 2011 OTP Bank completed its first bond issue in Russia on March 25, selling RUB 2.5 billion (EUR 62.7 million) of papers against offers of RUB 17 billion, the bank told MTI on Monday. The three-year bonds pay a fixed annual 8.25%, 170bp over the yield of the three-year Russian government security. OTP Bank will use the proceeds from the issue to finance consumer lending in Russia. The issue was also intended to diversify financing, the bank said. The bonds will be listed on Russia's MICEX exchange on March 29. After-tax profit of OTP Bank's Russian unit rose to 20.5 billion in 2010 from HUF 3.1 billion in 2009, deputy-CEO Laszlo Bencsik said early in March, after the bank published its Q4 report. OTP Bank Russia is runner-up on the market for consumer loans and number four on the market for credit cards, he said. March 29, 2011 11:04 Sberbank could convert 4% of shares into ADRs in 2011, 25% in all – sourcehttp://www.interfax.com/newsinf.asp?id=232264 MOSCOW. March 29 (Interfax) - Sberbank (RTS: SBER) plans to convert around 4% of its shares in to American Depositary Receipts (ADRs) this year and approve a program for to convert the upper limit of 25% in total, a source close to the bank told Interfax. "They plant this year to issue depositary receipts for half the 7.6% stake to be privatized," the source said. Pr
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