Rostec and AFK Sistema looking for a partner to create an electronics enterprise

Neither party might have a control stake in the joint venture, and Sistema wants to manage it. 
Last fall, it became known that "Rostec" and AFK "System" to discuss the union's assets in microelectronics and the manufacture of electronic equipment. This joint venture (JV), you may receive a third partner, and not the public and the private, informed today at the Economic Forum in Davos, the main shareholder of AFK "Sistema" Vladimir Yevtushenkov (his words "Interfax"). Therefore, the joint venture is likely to not be controlling in the classical sense of the term (50% plus 1 share), said Yevtushenkov. It is more important to decide who will manage the asset, he said, expressing the wish that this role went to the AFC "System".

 The first official comments to discuss a joint venture there in late December last year. General Director of "Rostec" Sergey Chemezov said that "Rostec" does not object to control the company got the "System".

The third partner in the joint venture may enter both money and assets, "the final decision yet, said in Davos Yevtushenkov. According to the person close to one of the parties to the potential transaction, finding a third partner has only just begun. But most likely it will be about some kind of financial institution. Why did none of the parties does not want to take control of the company, he does not explain.

It is a confluence of instrument-United Corporation (OPK) "Rostec" and Concern RTI belonging to the "System" and rostehovskoy "Roselectronika" with "Micron", previously told the person involved in the negotiations. In the final result, planned to move all companies per share, he said. Concern RTI and "Micron" includes the holding RTI belonging to the "System" at 74.7% (15.3% still owned by VTB Bank, 10% - in Sovcombank).

 "At one time, companies in the construction of many technological chains have been broken. Part of the technology we have, and some - the "Rostec". Combining asset allows you to make a single pass-through technology from development to product sales, and that means - cost reduction, cost reduction, increased efficiency. When tearing the chain did not think about it, and when they began to understand more deeply into this matter, began to realize that there was a parallelism technology, unnecessary competition ", - he explained the logic of the transaction Yevtushenko (according to" Interfax quoted ").

It was assumed that the asset will be managed by "Rostec", said earlier one of the participants in the negotiations. A source close to one of the parties to the potential transaction, stated that "the system" is not interested in control over the company.

At the time of publication notes representative of AFK "Sistema" is not explained, about a third partner is involved. A representative of "Rostec" said that before the e-cluster state corporation is the task of the average annual increase in revenue of 21% and it can be developed including through mergers and acquisitions. Vprchem, concrete decisions yet to be made, explained the representative of the state corporation.