http://in.reuters.com/article/2011/04/21/vtb-bankofomoscow-ceo-idINLDE73K19G20110421
Thu, Apr 21 2011
* Mikhail Kuzovlev appointed as CEO
* VTB restates aim to consolidate 100 pct of Bank of Moscow
* Yusufov may also increase his stake
(Adds quotes, background)
By Oksana Kobzeva
MOSCOW, April 21 (Reuters) - Bank of Moscow (MMBM.MM: Quote, Profile, Research) shareholders have elected a former VTB (VTBR.MM: Quote, Profile, Research) executive as their new CEO, effectively handing Russia's second-biggest lender victory in the battle for control of its smaller peer.
Now VTB, which paid $3.5 billion for a near 50 percent stake in Bank of Moscow, will revert to its initial plans to gain full control over Russia's fifth-biggest lender, VTB's chief executive Andrei Kostin said.
"We are planning to consolidate 100 percent in the future," he told journalists after Bank of Moscow's extraordinary shareholders' meeting, which appointed VTB candidate Mikhail Kuzovlev as CEO.
Earlier in April, Kostin said he saw no need to buy out all minority shareholders, after facing strong resistance to takeover attempts from Bank of Moscow's former CEO Andrei Borodin. [ID:nLDE7371A9]
On Thursday, shareholders elected Kuzovlev to replace Borodin, whose deputy Dmitri Akulinin was also in the running for the post.
The appointment of Kuzovlev, who became acting CEO last week after a court barred Borodin and Akulinin from taking management decisions, marks the end of the corporate battle for Moscow's main investment vehicle.
State-owned VTB has been circling Bank of Moscow since last autumn, after Russian President Dmitry Medvedev sacked the capital city's mayor Yuri Luzhkov. [ID:nN28229662]
In March, Luzhkov's ally Borodin, who had headed Bank of Moscow since 1995, left Russia for London after selling an around 20 percent stake in the lender, which he owned together with Lev Alaluyev.
That stake, worth $1.3 billion based on current market values, was bought by businessman Vitaly Yusufov, who may be acting on behalf of VTB, Vedomosti daily said. [ID:nLDE73A0DV]
Yusufov, also an owner of Germany's Nordic Yards, said on Thursday he might increase his stake, saying he is not in talks with VTB on a possible sale.
"I think that the stake increase might be strategically interesting. We did not have and are not currently in talks with VTB about selling the stake," he told journalists after Kuzovlev's appointment.
Yusufov, the son of a former special envoy of the Russian president, later added that he did not rule out selling his stake in Bank of Moscow in the future. (Writing by Katya Golubkova; Editing by Jon Loades-Carter)
Norilsk Considers Mining Copper, Nickel in Central Russia
http://www.bloomberg.com/news/2011-04-21/norilsk-considers-mining-copper-nickel-in-central-russia.html
By Ilya Khrennikov - Apr 21, 2011 5:15 PM GMT+0200
OAO GMK Norilsk Nickel, a Russian miner with production north of the Artic Circle, is considering mining copper and nickel in Voronezh region, central Russia.
Norilsk is asking the government to tender rights for unallocated subsoil reserves, the company said today in an e- mailed statement. Norilsk had already planned to invest 2.7 billion rubles ($97 million) by 2018 on exploration, it said.
Once exploration is completed, Norilsk may seek to build a processing plant with capacity of 2 million to 5 million metric tons of ore a year at the Elansk and Elkinsk deposits. It would make copper-nickel pellets that could be further refined at the company’s facilities in Murmansk, it said.
To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net
To contact the editor responsible for this story: Amanda Jordan in London at ajordan11@bloomberg.net
http://en.rian.ru/business/20110422/163643574.html
11:09 22/04/2011
Russia's Dixy Group food retailer is to hold an 11.4 percent issue of new shares in a secondary public offering to finance the acquisition of the Victoria retail chain.
The new issue will amount to 14.19 million shares. The May 18 EGM will discuss an underwriting agreement with VTB Capital, a source familiar with documents prepared for an upcoming emergency shareholders' meeting told RIA Novosti late on Thursday.
Dixy wants to buy Victoria for 25.6 billion rubles ($890 million) to create Russia's fifth largest food retailer by sales and third largest by the number of stores.
Last week Dixy agreed a 4.5 billion ruble ($160 million) loan from UniCredit Group to pay for Victoria. The company said the acquisition was also to be financed by share capital.
MOSCOW, April 22 (RIA Novosti)
Activity in the Oil and Gas sector (including regulatory)
April 22, 2011 11:46
Russian Econ Ministry suggests smoother change to net-back parity for gas prices
http://www.interfax.com/newsinf.asp?id=238724
MOSCOW. April 22 (Interfax) - The Russian Economic Development Ministry proposes a smoother transition to net-back parity for gas prices inside and outside Russia.
"We're not rejecting net-back, but will just be moving more slowly towards it, and when we get there also depend show world gas prices will be moving," Economic Development Minister Elvira Nabiullina told reporters, commenting on the alternative option for raising natural monopoly tariffs in 201202014.
Net-back parity for gas was supposed to be achieved by 2015.
Pr
China, Russia can solve energy problems through consultation: spokesman
http://english.people.com.cn/90001/90776/90883/7358385.html
09:10, April 22, 2011
Chinese Foreign Ministry spokesman Hong Lei said on Thursday that China and Russia can solve emerging energy cooperation problems through friendly consultation and mutually beneficial cooperation.
Hong's remarks came in response to reports about payment disputes between PetroChina, China's largest oil and gas producer, and Transneft, Russia's state pipeline operator.
Energy cooperation is an important part of the Sino-Russian strategic partnership of coordination and draws great attention from both sides, said Hong.
The Sino-Russian crude oil pipeline, launched on Jan. 1 this year, runs well and is reliable, according to Hong.
"I believe the two sides can solve the emerging energy cooperation problems through amicable consultation and win-win cooperation," said Hong.
Source: Xinhua
Share with your friends: | 
