Rostec closes sale of 45.42% of VSMPO-Avisma
MOSCOW. April 30 (Interfax) - The state Rostec corporation has closed the sale of 45.42% of the shares in titanium producer VSMPO-Avisma to the latter's management, the corporation said in a statement.
The deal was worth $965 million-$970 million.
Rostec said the Business Alliance Company joint venture between VSMPO-Avisma's management and Gazprombank , which had bought 4.6% of VSMPO-Avisma on the market, now owned 50% plus one share in the titanium producer. Rostec retains a blocking stake. VSMPO-Avisma's management owns 75% plus one share and Gazprombank owns 25% minus one share in Business Alliance Company.
VSMPO-Avisma is prepared to make a voluntary offer to buy minority shareholders out, its CEO, Mikhail Voyevodin, was quoted a saying. The offer will be made in the second half of May and will last a month.
The offer price is $187, or the same as Rostec sold its shares for, it follows from the statement. This is 4.4% higher than the last deal in VSMPO-Avisma shares on the Moscow Exchange , which was 5,600 rubles or $179 at the current exchange rate on April 29.
The offer applies to VSMPO-Avisma minority shareholders except Rostec and Gazprombank.
