Renova, Bank Trust submit applications to FAS to purchase state-owned Apatit stake
MOSCOW. June 9. (Interfax) - Renova Group and Bank Trust have submitted applications to the Russian Federal Anti-Monopoly Service (FAS) to purchase the government-owned stake in OJSC Apatit ), the regulator told Interfax.
Bank Trust's application has already been approved, while Renova's is currently under review.
The FAS has already received three other applications for the government-owned stake - from PhosAgro, UralChem and Acron . PhosAgro and UralChem have already secured clearance for the deal, whereas the review of Acron's application has been extended by two months.
Bank Trust told Interfax that PhosAgro has been its client for many years and, consequently, the bank is familiar with the group's financial situation and development strategy. History shows that the bank has a strong investment team. "Trust's primary business is retail banking, but along with this, the investment block's team pays attention to the most promising investment projects that periodically appear on the market in isolated cases. One of them, OJSC Apatit, is an interesting investment project with transparent economics and clear development prospects," Trust said.
Interfax was unable to obtain comment from Renova.
Applications to participate in the tender for the state's stake in Apatit are being accepted until June 9. The tender itself will take place on June 14.
Meanwhile, Acron has asked a court to declare the rules of the tender invalid and obligate Russia's Federal Property Agency (Rosimushchestvo) "to ensure the sale of shares in accordance with legislation."
Renova currently owns the Novocheboksarsk and Volgorad Khimproms, although it previously owned a stake in Togliattiazot. Bank Trust, previously known as Menatep St. Petersburg, earlier belonged to the Menatep Group created by Mikhail Khodorkovsky. It was precisely the privatization of the Apatit stake that became a point of departure for the commencement of the 2003 Yukos case.