Mergers

Preliminary hearing under the claim of the Bashneft minority shareholder will continue on September 18

A preliminary hearing under the claim of the Bashneft minority shareholder will continue on September 18, REGNUM IA has been informed in the court. On August 4th, the Arbitration Court of Moscow tried the first suit of R. Inozemtseva against Bashneft and the Federal Subsoil Use Management Agency. Mrs. Inozemtseva contested in the claim the changes in the license agreement for the deposits of Trebs and Titov, and transferring of the license from Bashneft to Bashneft Polyus Ltd, the joint venture of Bashneft and Lukoil.
In February 2014, Mrs. Inozemtseva bought 4 stocks of Bashneft for a total sum of approximately 20,000 rubles, and later on July 4 she appealed to the court against Bashneft with a claim for $10 billion. The short period of owning and the colossal particulars of claim arise the thought that the case is a professional attack or even a raid in favour of third parties.

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Igor Sechin: the merger of Gazprom and Rosneft is hardly possible

In the opinion of the chief of Rosneft Igor Sechin, the merger of Gazprom and Rosneft is hardly possible, especially taking into account the negative experience of the early 2000-s. The merger could face immense difficulties as the shareholders have financial debt liabilities. They tried to unite the companies but the attempt failed whereas it was much simpler to do it then. Now it’s harder because Gazprom and Rosneft have their shareholders. Such issues should be discussed at the shareholders session. As for a joint venture of these 2 monopolies in this or that sector of the fuel and energy sector, it will be contradicted by the antimonopoly agencies, Mr. Sechin thinks

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UC Rusal can stop aluminum rolled wire production in Zaporozhye

They awaited the official order on stopping of aluminum rolled wire production in Zaporozhye in March 2014. UC Rusal can stopped aluminum rolled wire production in Zaporozhye in September 2014. The furnace used for aluminum rolled wire production needs capital repairs that was planned for April. Primary aluminum supplies to the combine are nearly stopped from the other plants of the company.

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VTB has tendered Mariy oil refinery for 6 billion rubles having not received the court verdict

In February 2014, Mariy oil refinery appealed to Arbitration Court of the republic of Mariy El with the claim about its own bankruptcy. The Court appointed to April 3th 2014  trying of the case about reasonability of the claim about own bankruptcy.
In October 2013, the chief of VTB, A. Kostin accused the owners of Mariy oil refinery about withdrawal of funds from the enterprise and deliberate bankruptcy. In his speech at the ‘Russia Calling’ forum, Mr. Kostin claimed that the latest credit stolen from his bank was the Mariy oil refinery that had 4 owners. He claimed that they withdrew funds, created deliberate bankruptcy and were trying not to return the credit to VTB.

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Integra’s managers suggest the merger with the company they formed

Several managers of Integra oil service company holding 30% in the total suggest the merger with the structure they formed and are ready to buy out Integra’s stock with 33% premium to the market. They are ready to pay $10 per equal share of Integra, and $20 per GDR. Thus, Integra is valued by $89.7 million. Integra’s Board of Directors has formed the independent committee where they member only the directors not related with the buying company. They will discuss the suggested clauses.

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Mikhail Gutseriev merges oil again.

"Russneft" and Mikhail Gutseriev’s new oil project "Nephthys", segregated from "Russneft", can start the reverse merger procedure. During the separate operation in 2013, "Russneft" wiped off the debt, which prevented its development, and Mr. Gutseriev was able to consolidate the company by buying shares from AFK "Sistema" and Sberbank, the "Kommersant" states.
Yesterday FAS reported that it approved the application of Sonburg Finance Ltd, registered in the British Virgin Islands, for the acquisition of the "Nephthys" oil company. As of yesterday, the owner of 100 % "Nephthys", according to the "SPARK -Interfax" database, is the Cypriot Dolmer Enterprises Ltd, controlled, according to unofficial information, by Mikhail Gutseriev. Mr. Gutseriev’s "Russneft" representative declined to comment yesterday.

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On January 22, Rosneft will discuss Itera’s transactions

On January 22, Rosneft Board of Directors will define the company’s stand on execution of transactions costing within $ 50-500 million by Itera OGC. The agenda also includes discussion of the measures aimed to broadening of access of the minor and medium companies to purchases of the holding.
In July 2013, Rosneft completed the process of acquisition of Itera oil and gas company (OGC). It began in 2012 from the purchase of 49% from Itera Holdings Ltd for $2.9 billion. Rosneft closed the transaction for purchase of 51% in the company in August 2012.

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CEO of Kyrgyzgaz T. Kulmurzayev: Gazprom and Kyrgyzgaz have closed very advantageous contract

The CEO of Kyrgyzgaz T. Kulmurzayev says that his company is not bankrupt  as yet but is on its last legs. Lately mass-media reported that the enterprise has allegedly turned bankrupt and is sold to Gazprom due to that. By the beginning of 2010, loss of the entity was over $10 million, but by the end of 2010 profit was over $2.6 million. in 2012, profit was $640,000 that is too little for such a company..

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Igor Sechin will neither take revenge against Mobius, nor increase the repurchasing price of BP-TNK shares

On Thursday the Head of Rosneft, Igor Sechin replied to the claims of the minority shareholders of BP-TNK that the repurchase price of their shares wouldn’t be increased. However, the company won’t retaliate for the publically voiced doubts in the fairness and reduce the price of the offer.
Templeton Emerging Markets Group headed by Mark Mobius expressed its concern about the minority shareholders of BP-TNK several times. On Wednesday a representative applied directly to Vladimir Putin and made it clear that the largest minority shareholder of BP-TNK considered the price of the offer unfair.
“We are not vindictive”, Sechin said on Thursday, having noted that the decision about redemption of the shares from the minority shareholders of BP-TNK (67 RUR per ordinary share and 55 RUR for preference share) was final. On Thursday the closing rate at Moscow Exchange made up 63.2 and 52.1 RUR respectively.

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Igor Sechin: Rosneft won’t reconsider the repurchase price of the shares of BP-TNK minority shareholders

“This is a very good proposal. This is even price, approved by all the procedures, with regard to the maximum price”, Sechin said on October 2, 2013.
He added, Rosneft wouldn’t reconsider the repurchase price.
Putin previously claimed, the RF government wouldn’t allow violation of the rights of minority shareholders on RN-Holding.
He added, it was inacceptable to make the minority shareholders do what they are not interested in.

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