TAIF is not ready to pay much for Nizhnekamskneftekhim

TAIF, which submitted a mandatory offer to shareholders of Nizhnekamskneftekhim in early February, has called the redemption price of common and preferred shares, which is by 8% and 20.6% less than stock prices. The market is skeptical that there will be a large number of those wishing to sell papers, but experts point out that shares of petrochemical companies in Russia are traditionally undervalued and the real value of the business is often several times higher.

On Friday, TAIF disclosed the price, at which its structure Telecom Management was ready to buy shares of Nizhnekamskneftekhim (NKNKh) - 25.4 rubles per ordinary share and 17.8 rubles per preferred share. This is by 8% and 20.6% less than the stock price on the Moscow Stock Exchange, respectively. Now Telecom-Management owns about 50% of the share capital NKNKh, including 52.3% of ordinary shares. At the end of 2014, the company owned 44.5% NKNKh, the fact that its share exceeded 50% became known in late January, and in February a mandatory offer to shareholders was submitted to the Central Bank.