The Board of Directors of “Rosneft” has received a government Directive signed by first Deputy Prime Minister Igor Shuvalov about the beginning of preparation for the purchase of “Bashneft”, reported by news agencies, citing several “reliable” sources.
As reported by one of the interlocutors of the Agency Bloomberg, familiar with the content of government directives, the transaction amount will be about 329,6 billion (5.3 billion dollars). According to another source, Bloomberg, the Board of Directors of “Rosneft” has already discussed the deal, proposing to send for the purchase of state block of shares of Bashkir oil companies are not more than 330 billion rubles.
Sources of the newspaper “Vedomosti” confirmed information about the Directive. In most “Rosneft” comments are. The government and the office of the first Vice-Premier on the request of the publication has not responded yet.
Later on Thursday the corresponding message was published on the government website. It notes that the state representatives in the Board of Directors of “Rosneft” ordered to vote for the purchase of state-owned shares “Bashneft” in 50,0755% of the share capital of the company, the price should not exceed 330 billion rubles.
According to the second Directive, the representatives of the States must vote to instruct the head of the company Igor Sechin to 15 October 2016 to receive the approval of all regulators and sign the contract of purchase and sale of shares of “Bashneft”.
According to TASS, as of 16:30 Moscow time falling of the preference shares of “Bashneft” on the Moscow stock exchange has exceeded 7%. Thus, the value of the preference shares of the company in the course of trading fell by 7.3% – up to 1 658 thousand rubles per one security. In this case, the ordinary shares of “Bashneft” fell by 1.1% – to 3 thousand 178 roubles per share.
An Agency source “Interfax” asserts that Igor Shuvalov has signed the document on 1 October.
First Vice-President “Rosneft” Pavel Fedorov told TASS that the Board of Directors of the state company has adopted all the necessary decisions associated with the purchase of “Bashneft”, without specifying what decisions in question.
We will remind, on August 16, Prime Minister Dmitry Medvedev took the decision to postpone the privatization at a later date, believed to be due to the reluctance of the government to prevent state-owned companies buying one another under the guise of privatization.
In August, Medvedev’s press Secretary Natalya Timakova said that the privatization of “Bashneft” is being postponed to a later date, and government sources noted that the sale may not take place this year. Igor Shuvalov then stated that now comes to the fore selling of 19.5% of “Rosneft” and even after her power will return to the privatization of “Bashneft”.
This very “Rosneft” wanted to gain control over “Bashneft”.
Being the world’s largest public oil company in terms of production, it is, according to analysts, could count on the fact that the purchase of the valuable asset will increase the value of its own shares, the package which the government also plans to offer for sale this year.
On 30 September, the Russian government decided to resume the sale of state-owned shares “Bashneft” and confirmed the intention for the sale of 19.5% of “Rosneft”.
Thus, as stated by the first Vice-Premier of Russia Igor Shuvalov, “Rosneft” will not be limited to participate in the bidding in the sale of Bashneft.
3 October “Rosneft” has called his proposal for the privatization of “Bashneft” the best for Russia. Then Russian Finance Minister Anton Siluanov told reporters that the Ministry of Finance of the Russian Federation amendments to the Federal 2016 budget takes into account the privatization of packages of “Bashneft” and “Rosneft” to the end of the year.