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Gazprom Pays Rosgazifikatsia in Full
Russian President Vladimir Putin has signed an order establishing direct government control over Gazprom. After several years of negotiations, Rosgazifikatsia shareholders, who own 0.89 percent of the stock in Gazprom, will receive market price for their shares – $2.76 billion by yesterday's price on the RTS. A Gazprom affiliate will buy the stock, after which they will be transferred to the state Rosneftegaz in exchange for about 70 non-strategic state-owned gas distribution and geological exploration companies, Rosgazifikatsia among them.
The Russian Federal Property Management Fund (Rosimushchestvo) owns 49.112 percent of shares in Gazprom, and Rosgazifikatsia owns 0.89 percent. The state owns 74.54 percent of the shares in Rosgazifikatsia. The government has been trying unsuccessfully to take direct control of Rosgazifikatsia for several years.
Now, Rosimushchestvo will buy a stock issue from Rosneftegaz using the state share in Rosgazifikatsia as payment along with about 70 other state owned companies. Gazprom will acquire the 0.89 percent of its stock from Rosgazifikatsia simultaneously and then Rosneftegaz will exchange its share in the gas companies for Gazprom shares. The main stumbling block in negotiations has been the price of Rosgazifikatsia's Gazprom shares. Now the monopoly has given up efforts to acquire them at under market price.
www.kommersant.com
All the Article in Russian as of Apr. 10, 2008
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