The Board of Directors of “Rosneft” approved the acquisition of a stake in Bashneft
Aleksey Topalov
Yuri Smityuk/Tascheva Of “Rosneft” Igor Sechin
“Rosneft” is preparing for the privatization of “Bashneft”, the transaction on purchase of the Bashkir assets already approved by the Board of Directors. Rosneft could buy state block of shares of “Bashneft” at a premium to the market over 35%. According to analysts, “Rosneft” can afford it and after the decision on its admission to the privatization of “Bashneft” becomes the main contender for the asset.
The Board of Directors of “Rosneft” unanimously approved a major deal. This is stated in the message published on the website of the company. According to the Charter of “Rosneft”, sowder approval is required for transactions from $1.5 billion.
RNS with reference to the source reports that we are talking about a deal relating to the privatization of “Bashneft”.
Itself “Rosneft” did not disclose details. “The details of the transaction will be announced in accordance with the disclosure requirements in order”, — reported on its website. In the company “Газете.Ru” the situation refused to comment. On Monday, the newspaper “Kommersant” reported that one of the options of privatization of “Bashneft”, which is considered in the government, suggests that “Rosneft” will pay for of 50.08% in Bashkir company 325 billion rubles, and the auction of the asset will not. Under the second option, “VTB Capital”, the speaker is a consultant for privatization of “Bashneft”, in a week will interview all applicants for “Bashneft” to find out how much they are willing to pay.
Earlier it was reported that their interest in the acquisition of the Bashkir asset expressed “LUKOIL”, “RussNeft” Mikhail Gutseriev, the NOC of the former head of Rosneft Eduard Khudainatov, “Tatneft”, “Tatneftegaz” Sergei bahira Foundation and the “Energy” of former energy Minister Igor Yusufov.
On Tuesday afternoon, the capitalization of “Bashneft” on the Moscow stock exchange amounted to of 480.2 billion rubles (3248 RUB. per share, -0,64%).
The market value of 50.08% is about 240 billion rubles. Thus, assuming that “Rosneft” will pay 325 billion rubles, a premium to market will be more than 35%.
Earlier, the Russian government planned to raise its stake in Bashneft 297-315 billion.
Analyst Raiffeisenbank Andrey Polischuk believes that Rosneft is the main candidate for the acquisition of Bashkir assets. Moreover, according to Polishchuk, she was the leader, but was not finally resolved the question of the admission of “Rosneft” to privatization of “Bashneft”. Now the authorities have decided, and for “Rosneft” there are no restrictions.
In mid-August, Dmitry Medvedev suddenly declared that the privatization of “Bashneft” postponed indefinitely.
According to unofficial data, the transfer was related to the fact that it was originally envisaged the sale of an asset in a single batch (75%), with 25% owned by the government of Bashkiria. But the Bashkir authorities objected. According to another version, the sale was postponed due to disputes in the government, whether the right of “Rosneft”, formally being a state company, to participate in the privatization of “Bashneft”.
However, in autumn the Russian government resumed the process of privatization of “Bashneft”, which was suspended in August. On 30 September, said the first Deputy Prime Minister Igor Shuvalov, during the International investment forum in Sochi. According to Shuvalov, it is planned to sell the stake in Bashneft, owned by Russian government (of 50.08%). Finance Minister Anton Siluanov said that the stake in Bashneft will be sold in 2016, and the Minister of economic development Alexei Ulyukayev assured that it will happen in October.
October 1 the President of Bashkortostan Rustem Khamitov said that the interests of the region in the case of privatisation of Federal shares of “Bashneft” will be complied with in full. He stressed that the authorities of the Republic will not again refer to the government of Russia with a request to change the terms of privatization.
“The fact that the partners of the rank of Rosneft and other major oil companies, in principle, we are satisfied. We have preliminary agreements with them about what the interests of the Republic are met in full in the case of privatization, for example, “Rosneft” 50% of the Federal package,” said Khamitov.
“Even if Bashneft will sell at auction, most likely it will become that “Rosneft”, – said Polishchuk.
The expert noted that the financial position of Rosneft is quite stable. Despite the fact that the total debt of the company in the first half of 2016 amounted to RUB 2.9 trillion (about $45.7 billion at the exchange rate at the time), and in the second half, the company must repay $4.7 billion of debt on the balance sheet of Rosneft, including short-term investments, according to Polishchuk, now about $22 billion.
In “Rosneft” on October 3 called the proposal “Bashneft” best for the budget.
“We are certainly interested in this asset, why then we’ve defended our rights? We believe that our proposal is optimal from the point of view of interests of the budget that have maximum synergy. Thus, it is optimal from the point of view of the interests of the company and our shareholders, as all the minority and our major shareholder. Also, it is optimal for itself “Bashneft”, which, incidentally, is indirectly confirmed by such interested party, as the leadership of Bashkortostan”, — said Vice-President of “Rosneft” Mikhail Leontyev.
One of the minority shareholders of “Rosneft” in conversation with “Газетой.Ru” noted that the company’s purchase of Bashneft, is certainly a positive is a good asset, and most importantly – with a well-developed oil refining.
According to reports of “Bashneft” according to IFRS last year, net profit increased by 34.8% and reached 58,175 billion rubles, while revenue declined 4.1%, to 611,274 billion rubles. One of the main factors that had a positive influence on the financial indices, was the optimization of processing volumes, which enabled to maximize the yield of light oil.
“But minority shareholders of “Rosneft” in this acquisition are not interested, — says the source “Газеты.Ru”. – The money — 325 billion rubles could be allocated to dividends”.
Given that the share capital of “Rosneft” is divided into 10 598 177 817, if the company really sent to the dividends, alleged the funds for the purchase of “Bashneft”, only they would be allowed to pay per share 30,66 RUB For comparison, the dividend payment for the year 2015 was defined by “Rosneft” at the level of 11.75 RUB. per share, making a total of — 124,529 billion.
