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United Heavy Machinery Bids Farewell to Foreigners
Targeted at 19 percent of common stocks in United Heavy Machinery (UHM), Gazprombank is expected to announce in the near term the buyout of its 6.74 million stocks. Once under control of investors’ pool with Gazprombank as its leader, the stocks will be transferred to the balance of Forpost Management, Moscow, to widen its ownership in UHM to 95 percent. Still, Gazprombank will hardly own UHM for long. Soon after consolidation, the stocks will go under control of the Federal Atomic Energy Agency, which Atomenergomash project never stands still.
According to official statements of Gazprombank, it holds just a bit over 75 percent in UHM. The treasury stocks account for roughly 10 percent and the 15-percent ownership of foreign investors has been so far a matter of tradition for the company.
But the situation is obviously different now. The foreigners have been aggressively disposing of the company’s stocks since February, when Gazprombank spoke of UHM’s reorganization on behalf of the state, a source with UHM board of directors said on condition of anonymity. “The bank is likely to buy more stocks of UHM both on the stock exchange and over the counter.”
Gazprombank is expected to officially announce one of these days the purchase of UHM stocks. The purpose to attain is to buy 19 percent of common stocks (17.6 percent in stock capital) at 230 rubles per stock, i.e. roughly 20 percent below UHM quotes on the market. In this undertaking, the bank is represented by United Financial Group (UFG) and the stocks are expected to be acquired from May 11 to May 31 so that they could go to Forpost for consolidation in June.
Gazprombank will hardly own UHM for long though, said a source familiar with the bank’s plans. “The stocks are being acquired for divisions of Rosatom [Federal Atomic Energy Agency]. The progress in Atomenergomash project is very rapid and the company will be filled with assets in two months.”
Atomenergomash project was elaborated by TVEL Corp. of Federal Atomic Energy Agency to consolidate assets of power-plant engineering.
www.kommersant.com
All the Article in Russian as of May 03, 2006
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