Gazprom not offering to buy minorities out of distribution cos bought from Rosneftegaz
MOSCOW. May 28 (Interfax) - Gazprom will not offer to buy out minority shareholders in gas distribution companies purchased from Rosneftegaz.
The gas giant will not be making an offer to minorities in the Rostovoblgaz utility from southern Russia, for example, Kirill Seleznyov, a member of the Gazprom executive board, told a press conference.
Asked whether an offer to Rostovoblgaz shareholders should be expected, Seleznyov, who is head of Gazprom's gas and liquid hydrocarbons marketing and processing department and general director of LLC Gazprom Mezhregiongaz, said: "No, one shouldn't be expected."
Asked whether offers would be made to shareholders in other distribution companies that Gazprom has bought from Rosneftegaz, he said: "As far as I know, Gazprom does not plan to make offers [to minority shareholders in thee companies], and Gazprom is not obliged to in accordance with this federal transaction."
Following the statement, ordinary shares in Rostovoblgaz plummeted 3.8% to $385 each in two deals and preferred shares fell 0.1% to $230 in one deal by 12:51 p.m. on the RTS Board.
Gazprom and the state holding OJSC Rosneftegaz signed deal for the sale of 72 distribution companies for a total of 25.861 billion rubles on April 10, in keeping with a government order of November 13, 2010.
The transaction has been in the making for several years. Shares in gas distribution companies were to be sold to Gazprom directly from the Federal Property Agency's (Rosimushchestvo) account, and they were then to be transferred to Rosneftegaz, which would have exchanged them with Gazprom for a stake in the gas monopoly of an equivalent value. The swap was supposed to be conducted by contributing assets to a joint venture and later liquidating that joint venture and transferring these assets to the founders. This would have served to avoid excess tax consequences.
Rosneftegaz received the shares in gas distribution companies from the government as payment for an additional shares issue. These assets were appraised at the height of their value, right before the crisis. Later, the shares involved in the transaction lost value. However, Rosneftegaz, which did not pay anything for these assets, did not want to incur paper losses by selling them to Gazprom at a lower price. It decided to cover its paper losses using real cash from Gazprom. The directive to be voted on by Gazprom's directors stipulated that the price of gas distribution organization shares could not be any lower than the value at which they were injected into Rosneftegaz's charter capital.
The overpriced state assets could play into the hands of the minority shareholders in these gas distribution companies, as they could count on these shares being bought back at a price that is no lower than the one used in the transaction with the government. However, it was thought an offer is unlikely to be made to the minority shareholders, as Rosneftegaz and Gazprom are affiliated with one another.
Valuation of stock sold to Gazprom according to valuation for contributing them to Rosneftegaz charter capital in 2008:
| Company | Stake, % | Number of shares | Stake price, rubles | Price per share, rubles |
| Adyggaz | 25.50% | 6187 | 350000000 | 56570.23 |
| Altaikraigazservis | 25.50% | 28896 | 250000000 | 8651.72 |
| Amurgaz | 25.49% | 495900 | 67000000 | 135.11 |
| Arkhangelskoblgaz | 26.13% | 18938 | 54000000 | 2851.41 |
| Astrakhanoblgaz | 25.50% | 1002200 | 81000000 | 80.82 |
| Belgorodoblgaz | 25.50% | 20479 | 1600000000 | 78128.81 |
| Beloyarskgaz | 15.13% | 385 | 3999998 | 10389.61 |
| Birobidzhanoblgaz | 57.40% | 839000 | 57000000 | 67.94 |
| Bryanskoblgaz | 25.50% | 28033 | 900000000 | 32105.02 |
| Buryatgaz | 25.50% | 1808 | 18000000 | 9955.75 |
| Vladimiroblgaz | 21.39% | 9633 | 430000000 | 44638.22 |
| Volgogradoblgaz | 25.50% | 21816 | 920000000 | 42170.88 |
| Vologdaoblgaz | 25.50% | 6802 | 39000000 | 5733.61 |
| Voronezhoblgaz | 25.50% | 5654200 | 1900000000 | 336.03 |
| Gazstroy | 100%-1 | 454379 | 37000000 | 81.43 |
| Gatchinagaz | 23.50% | 2655 | 28000000 | 10546.14 |
| Gorno-Altaigaz | 25.51% | 599 | 5000000 | 8347.25 |
| Daggaz | 48.20% | 15647 | 390000000 | 24924.91 |
| Ivanovooblgaz | 25.50% | 99540 | 290000000 | 2913.40 |
| Irkutskoblgaz | 24.50% | 5265 | 79000000 | 15004.75 |
| Kabbalkgaz | 25.50% | 11483 | 230000000 | 20029.61 |
| Kalmgaz | 25.50% | 42620 | 520000000 | 12200.84 |
| Kalugaoblgaz | 25.50% | 7621 | 310000000 | 40677.08 |
| Karelgaz | 25.50% | 6956 | 83000000 | 11932.14 |
| Kirovgiprogaz | 100%-1 | 46659 | 7000000 | 150.02 |
| Kirovoblgaz | 25.50% | 25446 | 460000000 | 18077.50 |
| Kostromaoblgaz | 25.50% | 14127 | 430000000 | 30438.17 |
| Krasnodarkraigaz | 25.50% | 528025 | 330000000 | 624.97 |
| Kuzbassgazifikatsia | 78.40% | 26146 | 160000000 | 6119.48 |
| Kurganoblgaz | 25.50% | 7607 | 51000000 | 6704.35 |
| Kurskgaz | 56.98% | 50380 | 1200000000 | 23818.98 |
| Lenoblgaz | 32.30% | 25548 | 540000000 | 21136.68 |
| Lipetskoblgaz | 25.50% | 30342 | 470000000 | 15490.08 |
| Moscow Gas Refinery | 100%-1 | 992072 | 340000000 | 342.72 |
| Metiongazservis | 15% | 3400 | 5000000 | 1470.59 |
| Mordovgaz | 25.50% | 263669 | 220000000 | 834.38 |
| Murmanoblgaz | 25.50% | 26704 | 110000000 | 4119.23 |
| Nefteyuganskgaz | 20% | 2844 | 54000000 | 18987.34 |
| Nizhegorodoblgaz | 25.50% | 7093400 | 480000000 | 67.67 |
| Novgorodoblgaz | 21% | 14237 | 290000000 | 20369.46 |
| Oktyabrskraigaz | 20% | 278 | 1 | 0.00 |
| Omskoblgaz | 70.84% | 1162122 | 460000000 | 395.83 |
| Oreloblgaz | 32.91% | 12488 | 160000000 | 12812.30 |
| Orenburgoblgaz | 35% | 26878 | 1800000000 | 66969.27 |
| Penzagazifikatsia | 25.50% | 8825 | 200000000 | 22662.89 |
| Primorskyigaz | 25.50% | 7472 | 87000000 | 11643.47 |
| Pskovoblgaz | 25.50% | 6947 | 150000000 | 21592.05 |
| Rostovskaya GNS | 41.80% | 2099 | 50000000 | 23820.87 |
| Rostovoblgaz | 25.50% | 36238 | 1100000000 | 30354.88 |
| Ryazanoblgaz | 25.50% | 1224540 | 190000000 | 155.16 |
| Samaragaz | 25.50% | 29426 | 230000000 | 7816.22 |
| Saranskmezhraigaz | 100%-1 | 1124929 | 460000000 | 408.91 |
| Saratovoblgaz | 25.50% | 937400 | 1000000000 | 1066.78 |
| Sakhalinoblgaz | 24.56% | 13980 | 47000000 | 3361.95 |
| Sverdlovskoblgaz | 79.99% | 77166 | 500000000 | 6479.54 |
| Sevogaz | 25.50% | 304700 | 5000000 | 16.41 |
| Sibirgazservis | 25.50% | 1176800 | 130000000 | 110.47 |
| Smolenskoblgaz | 15.94% | 63988 | 510000000 | 7970.24 |
| Stavropol | 24.40% | 31719 | 360000000 | 11349.66 |
| Tambovoblgaz | 25.50% | 220320 | 490000000 | 2224.04 |
| Tveroblgaz | 22.70% | 40512 | 360000000 | 8886.26 |
| Tomskoblgaz | 52.25% | 20728 | 58000000 | 2798.15 |
| Tuvgaz | 100%-1 | 62969 | 25000000 | 397.02 |
| Tulaoblgaz | 34.03% | 53962 | 1500000000 | 27797.34 |
| Tyumenoblgaz | 25.56% | 224928 | 140000000 | 622.42 |
| Udmurtgaz | 25.50% | 2340000 | 350000000 | 149.57 |
| Khabarovskraigaz | 20.55% | 52906 | 100000000 | 1890.14 |
| Khakasgaz | 25.50% | 4174 | 13000000 | 3114.52 |
| Chelyabinskoblgaz | 26.62% | 2652769 | 210000000 | 79.16 |
| Chitaioblgaz | 25.50% | 17612 | 110000000 | 6245.74 |
| Yugragaz | 15% | 710 | 18000000 | 25352.11 |
| Yaroslavloblgaz | 25.50% | 17775 | 250000000 | 14064.70 |
| Norilskgasprom | 38% | 2846130 | 1137000000 | 399.49 |