The consortium Zonoville Investments Limited reported on the agreement to purchase a 6% stake in UC Rusal from ONEXIM Mikhail Prokhorov.
Zonoville Investments Ltd. belongs to a group of investors led by Renova Victor Vekselberg and Access Industries Leonard Blavatnik. As a result of the transaction, Zonoville Investments Limited and SUAL Partners Limited, associated with the consortium, consolidate 26.5% of Rusal's shares. The amount of the transaction was not disclosed. Based on the closing price of the Hong Kong Stock Exchange on Monday, the value of such a package is $ 658.2 million.
ONEKSIM spokesman Andrei Belyak declined to comment. The representative of Renova did not respond to RBC's request.
The largest shareholder of UC Rusal is En + Oleg Deripaska: he owns 48.13% of the company. Another 8.75% belongs to Amokenga Holdings (the "daughter" of the Swiss trader Glencore). Free float is 16.37% of shares, another 0.25% - from the company's management. At the end of last year, on the eve of the En + placement on the London Stock Exchange, the Swiss Glencore announced that it was going to exchange 8.75% of UC Rusal for En + shares (Oleg Deripaska's share in the aluminum company would thus increase to 56.88%). Last week, Viktor Vekselberg told RBC that it was not going to change the 20.5% stake in UC Rusal for En + shares.
ONEKSIM Prokhorov from the summer of 2016 began to look for a buyer for his stake in UC Rusal (at that time its share was 17.02%). Prokhorov received this share back in 2008, as part of Oleg Deripaska's calculation for the blocking stake in Norilsk Nickel. In February 2017, ONEXIM sold 3.3% of the company's shares on the exchange for $ 240 million. In August 2017 Prokhorov sold another 7% of UC Rusal to Zonoville Investments, reducing its stake to 6.7%. The value of the package was then determined at $ 503.885 million at a market value of $ 719.8 million. According to the UC Rusal website, now ONEXIM has 6% in an aluminum company.
After the completion of this transaction, the agreement between the largest shareholders of UC Rusal - En + Oleg Deripaska, Sual Partners, ONEXIM and Swiss Glencore (8.75%) will cease to be effective. The agreement was in effect until En + Oleg Deripaska, Sual Partners, ONEXIM and Glencore owned at least 5% in Rusal. It gave minority shareholders, including the right of veto. ONEKSIM had the right to nominate one director to the board of directors of UC Rusal, as well as one director to the board of directors of Norilsk Nickel. The Board of Directors of UC Rusal is not involved in the shareholder agreement and is not a party to the contract, RBC said a source close to the company's board of directors.
In recent years, Mikhail Prokhorov has been consistently selling off its assets in Russia. The intention of the businessman to get rid of Russian assets in July 2016 was written by Vedomosti. Since then, Prokhorov has sold to Roman Avdeev the development company OPIN, Grigory Berezkin - RBC's media holding, and 20% in Uralkali to Belarusian businessman Dmitry Lobyak, who is close to the owner of Uralchem, Dmitry Mazepin. In addition, Prokhorov announced the sale of 49% in the club NBA Brooklyn Nets co-founder of Internet retailer Alibaba Joseph Tsai, who will be able after four years to buy a controlling stake in the club. The exception to this series was the participation of Prokhorov in the IPO of one of the largest shoes sellers in the country - the company Obuv Rossii (in August 2017, he bought a stake in it of 24.99%). In addition, the billionaire belongs to the banks of the International Financial Club (in January it became known about ONEKSIM's plans to increase its stake to 100%), Renaissance Capital, the Quadra energy company, and the Soglasie insurance company.