Sistema selling 49% of Russneft to Shishkhanov, Dlin for $1.2 bln
MOSCOW. June 21 (Interfax) - Russian conglomerate Sistema JSFC has signed a purchase-sale agreement to sell its 49% stake in oil company Russneft for $1.2 billion to Bradinor Holdings Limited and Cromeld Management Limited.
The beneficiaries of these offshore companies are businessmen Mikhail Sishkhanov and Felix Dlin, Sistema said in a statement.
The deal is expected to be closed in the third quarter.
Sistema bought 49% of Russneft for $100 million in 2010.
"In just over three years since the acquisition of our RussNeft stake, Sistema has achieved an impressive return on its investment. Under the diligent leadership of all stakeholders, RussNeft has transformed itself into one of the leading and fastest growing Russian upstream companies delivering excellent operational and financial results. This transaction is another demonstration of Sistema's unique track record of securing transformational deals, applying our value added strategic insight and achieving attractive monetization opportunities," Sistema quoted its president, Mikhail Shamolin, as saying.
In addition, Sistema has obtained a call option to possibly acquire stakes in eight exploration and production companies which currently form RussNeft's Urals Group of companies. The decision whether to exercise the call option will be subject to operational considerations, due diligence and corporate and regulatory approvals. The call option is exercisable within three months of the signing of the Agreements.
Sistema is considering selling its 49% stake in RussNeft and, the way relations between RussNeft shareholders are, only Mikhail Gutseriev is a likely buyer, Sistema's main owner Vladimir Yevtushenkov has said. "Most likely we will sell the stake," he said. "We could either sell to Gutseriev or buy from Gutseriev," he said.
"I cannot sell to any third [party]," he said. Sistema is comfortable with the current situation as regards the oil company's ownership, he said. However, "that person [Gutseriev] put a lot into the asset, and it would be immoral to buy back from him. Not everything in the world is measured solely by money," he said.
Russneft is not yet available for comment.
Gutseriev, who set Russneft up, sold the company and fled Russia in 2007. His return to Russia in 2009 was facilitated by Yevtushenkov.
Gutseriev later regained control of Russneft and sold the 40% to Sistema in 2010. At the time, Gutseriev and Yevtushenkov talked about a possible merger of Sistema's Bashneft oil company and Russneft on the condition the latter's debt was reduced.
In time, Gutseriyev joined the Bashneft board of directors, but he is not a candidate for election to the board at its next shareholders' meeting.
