In the heat of financial turmoil, ONEXIM Group CEO Mikhail Prokhorov realized that he wouldn’t do without a capital bank.
Photo: ITAR-TASS
| Other Photos |
 |
|
 |
Prokhorov Buys Half of Renaissance Capital for Half-Price
ONEXIM Group of Mikhail Prokhorov buys 50 percent less a stock in Renaissance Capital investment bank for $500 million. The bank has already received half of the amount. The analysts said the deal had been negotiated for more than half-year and its announcement during the financial turmoil was a mere coincidence.
It was announced yesterday that ONEXIM Group of Mikhail Prokhorov was buying 50 percent less a stock in Renaissance Capital investment bank through the purchase of the new stock issue of the latter. According to ONEXIM Group General Director Dmitry Razumov, ONEXIM pays $500 million for the stake, contributing money to the stock capital of the bank. Therefore, the bank’s capital will amount to $1.3 billion once the deal is completed.
Half of the sum was transferred yesterday, Razumov specified. What’s more, ONEXIM will open credit lines to Renaissance Capital, but their amount hasn’t been disclosed so far. “The money will suffice to secure market competitive ability of the bank,” Razumov pointed out.
Today’s holder of the bank is Renaissance Group owned by its General Director Stephen Jennings and top managers of the bank. Technically, the deal will be closed in February of 2009, said Renaissance Capital Board Chairman Alexander Pertsovsky.
ONEXIM Group is a private capital fund with the assets worth of above $25 billion. It has diversified portfolio of investments in the mining and metal sector, power engineering, including hydrocarbon energy and nanotechnology, as well as in the field of financial services, media and real estate.
Renaissance Group unites Renaissance Capital, Renaissance Investment Management, Renaissance Credit and Renaissance Partners. Stephen Jennings is the principal holder.
www.kommersant.com
All the Article in Russian as of Sep. 23, 2008
|
|
|
