Onexim Group ready to sell all Russian assets - paper
MOSCOW. July 4 (Interfax) - Mikhail Prokhorov's Onexim Group is prepared to sell all of its Russian assets, not just power generating company Quadra and its stake in potash giant Uralkali , business daily Vedomosti reported on Monday, citing several unnamed sources.
The Federal Security Service searched the offices of Onexim companies in April, the paper recalled. According to official accounts, this was part of a criminal investigation concerning Tavrichesky Bank, the financial recovery of which is being managed by IFC Bank, the largest shareholder of which is Prokhorov. However, the paper's sources link the searches to the activities of Onexim-controlled media group RBC, the editorial leadership of which was replaced soon after.
There are rumors that the plans to sell assets are due to the "insistent recommendation of the Kremlin," Vedomosti reported one source as saying, but there is no confirmation of this and the Russian president's press secretary, Dmitry Peskov said this allegation was "complete nonsense."
It has been known for some time that Onexim might sell some assets. The group has been looking for buyers for Quadra, insurer Soglasiye and Renaissance Credit Bank for several years, Vedomosti said. Onexim's 20% stake in Uralkali could be bought by the potash producer itself or its other major shareholder, UralChem, with financing from Sberbank , Interfax sources said in June.
Onexim also owns 17% of aluminum giant UC Rusal . Group head Dmitry Razumov said in an interview with Kommersant in 2013 that he did not rule out the sale of this asset. "The stake is certainly of limited liquidity, but buyers might be found for it," he said.
Investment bank Renaissance Capital , which recently lost its CEO Igor Vain, is also reportedly being sold, a banker said.
Negotiations are also being held with Credit Bank of Moscow (CBM) owner Roman Avdeyev on the sale of real estate developer OPIN, which Prokhorov acquired in the breakup of his business with former partner Vladimir Potanin, Vedomosti reported, citing sources.
