"Rusal", who finished in the end of August the debt refinancing of $ 11 billion, could start corporate transformation. According to unofficial information, Oleg Deripaska, intends to give up the post of director general of his first deputy Vladislav Soloviev. In addition, the holding company En + Mr Deripaska, who owns 48.13% of shares of "Rusal", said the possibility of release from the balance of the company's shares "Norilsk Nickel". This, according to En +, can speed up the start of dividend payments "Rusal". But shareholders in this topic has not yet been discussed.
Oleg Deripaska may leave the post of general director of "Rusal" and become president of the company (such a post is out), and will lead the company First Deputy CEO Vladislav Soloviev, said yesterday "Interfax", citing sources. "Kommersant" sources confirmed this information. According to two of them, "topic discussed but not yet resolved," one of the interlocutors "b" is inclined to consider it "done deal."
Oleg Deripaska has led the "Rusal" in 2000-2003 and again took control in the crisis year of 2009. Over the years, Mr. DerPasca also headed the "Basic Element" (combines all of its assets) and En + (industrial assets), and from the post of general director of En + last time he left in April this year. As president, "RUSAL" businessman will be able to focus on strategy, said one of the "Kommersant" interviewees. The representatives of "Rusal" and its shareholders - En + Oleg Deripaska (48.13%), Onexim Mikhail Prokhorov (17,02%), Sual Partners Viktor Vekselberg and Leonid Blavatnik (15.8%) and Glencore (8,75%) - this topic does not comment.
In addition, "Rusal" study and the opportunity to return to the payment of dividends in 2017 (not paid since 2008), told Bloomberg CEO of En + Maxim Sokov. Payments are, according to him, may start earlier if the shareholders approve the spin-off belonging to "Rusal" 27.8% of the shares of MMC "Norilsk Nickel" (worth $ 8.7 billion) with a portion of the debt. "Active discussion on this issue is not, but the idea is not dead, and we are still able to start negotiations", - said Mr. Sokov.
In late August, "Rusal" finished refinance debt (total debt at the end of June - $ 11 billion, net - $ 10.6 billion). Of this amount, the eyeabout $ 5 billion in the accounts of the Savings Bank loans, secured a $ 4.58 billion package is "Rusal" in the MMC. "Rusal" in 2008, bought the shares, taking $ 4.5 billion from VEB, and in 2010 to refinance the loan with Sberbank. In May 2013, belonging to the "Rusal" MMC has already been transferred to the balance of its Dutch subsidiary Aktivium Holding BV
For shareholders, "Rusal" to discuss spin-off was a surprise. Sual spokesman said "Kommersant" that "Maxim Sokov has chosen a very strange form of dialogue with shareholders - through the press, but so far all strategic issues was made to discuss the shareholders and board of directors of the format."
"On some proposals on the allocation of a package of" Norilsk nickel "we still have not heard" - said in Sual. The ONEXIM and Glencore declined to comment. The "Rusal" does not comment on actions of the shareholders. In the "Interros" Vladimir Potanin (30.3% of MMC) declined to comment on the words of Mr. Sokov, but stressed that any transactions with the shares must comply with the shareholder agreement on the "Norilsk Nickel". Under the agreement, etc.December 10, 2017, "Rusal" and "Interros" can not dispose of the shares of MMC so that each of the companies was less than 20%.
Source: "b" close to one of the creditors of "Rusal", he says that the idea of spin-off package MMC has been discussed for several years, but we can not say that the negotiations of the company and banks have recently intensified. According to him, violations of the shareholders' agreement will not be, if the "Rusal" will be solved exactly in the spin-off, and not to sell the package: now MMC allocated to a separate structure, "Rusal", so you just need to negotiate with creditors on the "conduct of the watershed" loans and covenants of the company. Thus, on the one hand, part of the funds from the operating activity of the company for cash sweep agreement for 2014-2015 will accrue to all creditors, whereas now most of the money goes to pay Sberbank as the largest of them. On the other hand, says the source "b" if aluminum prices will go down again, the support of "Rusal" on account of dividends, "Norilsk Nickel" was not superfluous. Sberbank declined to comment.
SergeDon from Societe Generale said Oleg Deripaska logical departure from the operational management of "Rusal": the company has completed optimization of capacities and refinance loans, private part of the key shareholder is no longer necessary. According to the expert, if the spin-off will be held within the framework of the division of credit obligations, "Rusal", it does not greatly affect the company's financial performance, although, of course, lead to a change in "net debt / EBITDA". In the second quarter it was at Mr. Don estimates, about 11 by the end of the year "may amount to 7 and below." In the current covenants "Rusal" may pay dividends for the index not exceeding 3.5.
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