Transneft CEO Semen Vainshtok has promised to “give a good boost” to dividends of minority shareholders in two years’ time when the company finishes current big projects.
Photo: Mikhail Razuvaev
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Transneft Valued at $15 Bln
Russian oil pipeline monopolist Transneft has been valued at no less than $15.4 billion in preparation for a merger with Transneftprodukt, unofficial sources reported last week. Valuation of Transneftprodukt, which will set the share of Transneft’s minority shareholders in the consolidated company, has not as yet been finished. Analysts say that rights of minority shareholders are not likely to be infringed even if their share will drop.
Transneft has been valued between $15 and $16 by a state-appointed firm, a well-informed source of Kommersant said. This would put the price for its stocks at some $2,500 per share. A source of the Interfax news agency reported that Transneft may be valued at “no less than 400 billion rubles”, or $15.4 billion. There has been no official confirmation of the reports as yet.
Transneft’s preferred shares are currently traded cheaper than the announced tentative price. Transneft closed at $1,647 at the RTS and 42,750 rubles ($1,651) at the MICEX on Friday. Troika Dialog set the stock’s tentative price at $2,600 in a recent report.
Experts note that valuation team set the price of a business with an eye to its outlook and position on the market.
Transneft has been valued ahead of a merger with Transnefteprodukt this fall. The pipeline monopoly is to issue additional shares to exchange them for a 100 percent stake in Transneftprodukt. Valuation for the latter is still on. The Federal Property Management Agency has signed a contract with Kim & Partners for that, Interfax reported.
Analysts say that authorities are going to distribute profits to benefit minority shareholders. Transneft CEO Semen Vainshtok has recently promised to “give a good boost” to their dividends in two years’ time when the company finishes its current major projects. However, experts say they are convinced that even if a share of minority shareholders drops, their voting rights will not be infringed.
www.kommersant.com
All the Article in Russian as of June 25, 2007
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