Moscow press review for November 30, 2010
MOSCOW. Nov 30 (Interfax) - The following is a digest of Moscow newspapers published on November 30. Interfax does not accept liability for information in these stories.
Cyprus-registered EuroSibEnergo (the holder of a 100% stake in Eurosibenergo and part of the En+ Group, owned by Oleg Deripaska), which planned to start a road show on Monday ahead of an IPO, has put off the placement by three months, two sources close to the placement told Vedomosti. EuroSibEnergo declined to comment. The plans were changed due to the emergence of a core investor. China Yangtze Power Company (CYPC) is prepared to acquire EuroSibEnergo shares worth $168 million, but has not received the official go-ahead for the deal, according to the two sources. This is likely to take two weeks and the road show is expected to start in mid February, immediately after the Chinese New Year holiday, one of them said. (Deripaska Opts for China, see also Kommersant. Page 1. Eurosibenergo Saved for China).
Evraz may obtain its own sales chain in Russia. Roman Abramovich, Alexander Abramov and Alexander Frolov's mining holding company may buy one of Russia's largest metal traders Inprom, an employee of the metal trader's core lender, Sberbank , has said. The bid was filed with the Federal Anti-Monopoly Service (FAS) on November 18, a FAS representative confirmed. FAS has a month at its disposal to make a decision. (Evraz to Get Sales Network).
The Russian Finance Ministry and the organizer banks - JPMorgan, Deutsche Bank, HSBC, Renaissance Capital and VTB Capital, plan to meet in London and New York with potential buyers of Russia's ruble Eurobonds, a banker close to the organizers of the placement and an employee of an investment fund, which plans to buy the bonds, told Vedomosti. The Finance Ministry intends to place five-year papers as a minimum worth 60 billion to 90 billon rubles, the two sources said, without specifying the yield. Deputy Finance Minister Dmitry Pankin earlier said that the ministry plans to place ruble-denominated Eurobonds with an annual yield no higher than the current rates on federal loan bonds. The yields on federal loan bonds maturing in 2015 was 7.3% on Monday. (Russian Chip).
Rostelecom is conducting due diligence of National Telecommunications (NT), two sources close to the parties in the talks told Vedomosti. If the current condition of the assets suits Rostelecom, it could acquire a 100% stake, one of the sources told Vedomosti. The price will be a market one, the second source said. NT changed hands to the National Media Group (NMG, owned by Yury Kovalchuk's Bank Rossiya,) and its partners in the summer of 2008 from Suleiman Kerimov's Nafta Moskva, which had sold the asset for $1,5 billion (the debt included). Rostelecom is also eyeing Akado , two sources close to the talks said. One of them added that it may announce a proposal to Akado shareholders as early as this week. (Between Online and Akado).
Gazprom and Naftogaz Ukrainy have settled the gas debt with the Rosukrenergo trader, half of which is owned by the Russian gas monopoly. As Kommersant expected, Naftogaz Ukrainy will return the entire amount of gas to the trader, which will sell it at a market price to Gazprom Export to be further sold to the European Union. Subsequently, Rosukrenergo will repay a $1.7 billon debt to Naftogaz and $810 million to Gazprom. In experts' estimate the trader's net profit may amount to $515 million - $800 million. (Page 11. Rosukrenergo Repays Debt).
TNK-BP is in talks to buy gas distribution assets of Viktor Vekselberg's KES Holding. The deal involves the purchase of a part of the Gazex business, rejected by the core players on the market. A decision on the deal is expected to be made in mid December. (Page 11. TNK-BP Pulling Gas Networks).