This is CEO of "Rosneft" Igor Sechin reported directly to President Vladimir Putin. Consortium members have equal shares - 50%, said Sechin. The transaction amount - 10.5 billion euros, said the president's press secretary Dmitry Peskov (according to "Interfax" quote). This 721 billion rubles at the Central Bank exchange rate as of December 7, Government Directive requires "Rosneftegas" to sell a package of "Rosneft" at least 710.8 billion rubles. "The price of sale is, in our view, as much as possible, with a minimum discount that was offered to investors, 5% of the current market price on the Stock Exchange of 6 December," - said the head of "Rosneft". According to our estimates, in spite of the sale price of the package, which is owned by the state, will increase by about 80 billion rubles, Sechin said.
Payment will be at their own expense, and by attracting debt financing, organized by one of the largest European banks (transcript on kremlin.ru).
The deal has additional elements: the conclusion of a long-term supply contracts with of Glencore, the coordination of positions on the markets and the creation of a special enterprise for production together with the consortium on the territory of Russia and abroad, said Sechin.
The Government has approved a dividend policy of "Rosneft", which provides for the payment of 35% of the profits, said Igor Sechin (it cites the "Interfax"). The old dividend policy is to pay dividends in the amount of 25% of the profits. High quality attracted investors as well as the transition of "Rosneft" to a new standard of dividend payment necessarily lead to an increase in the capitalization of the company, including the remaining state-owned stake, Sechin told President. "I very much hope that the arrival of new investors <...> in the controls will improve corporate procedures, transparency of the company", - said Putin "(quoted by kremlin.ru site).
Government Directive prescribes "Rosneftegas" to sell shares before December 5, the calculations with the buyer shall be completed not later than 15 December, and the money in the budget "Rosneftegas" must list up to 31 December. Sale was delayed for two days. Back in late November, the president asked for the ability to move these dates, but he told to stick to deadlines, told "Vedomosti" several federal officials. About a week ago, Russian presidential aide Andrei Belousov said that sent a "Rosneft" letter asking to hurry "with the proposals for the privatization processes." But then neither officials nor "Rosneft" did not give any information about the transaction. Andrei Belousov said only that fully satisfied received from "Rosneft" response, and presidential spokesman Dmitry Peskov assured journalists that until December 15, the money will go to the budget.
Igor Sechin and First Vice-President for Economics and Finance Pavel Fedorov in the last few weeks have been in the foreign business trips - they met with potential buyers of 19.5% of "Rosneft", he wrote RBC with reference to the familiar top executives and federal officials. Managers of "Rosneft" and yesterday were on a road show abroad, confirmed the "Vedomosti" a federal official. Neither Sechin nor Fedorov does not come on Wednesday at a meeting with the Minister of Energy Alexander Novak, which invited the head of the companies, follows from the message "Interfax".
The market expected that the Council will approve the deal on the purchase of a group of "Rosneft" shares from "Rosneftegas", said the source in the investment company. This scenario is most likely. Points to it and passed on Monday the rapid placement of "Rosneft" 10-year bonds for 600 billion rubles. Although the company claimed that direct funds to refinance debt and foreign projects, experts said that the ruble in such an amount could be required to redeem the shares of the "Rosneft" companies.
Initially buybacks itself "Rosneft" was "a reserve option," he needed a more budget safety net and was not really need the company - as a senior federal official commented, "Vedomosti" news that stock buyers become Glencore and Qatar sovereign fund. He acknowledged that the terms of the privatization of the company's share buyback by herself or her "daughters" - "it is also common practice", so when it became clear that there are two real investors, "decided to do without a complex chain." According to the source "Vedomosti", the transaction involved personally Igor Sechin, he found investors and offered this option.
Of Glencore - one of the world's largest trading companies - has long had a business in Russia. She prinadlzhat 8,8% UC Rusal, 26% of the oil company "Russneft", Moscow Grain Company (GCI), a grain terminal on the Sea of Azov, the company controls agricultural land in the Stavropol Territory and Kuban. Sale of energy brings Glencore 54% of revenue, last year it was $ 172.7 billion, 70.4% of the shares in free float, the major shareholders -. Qatar Holdings (8,99%), CEO Ivan Glasenberg (8.42%) Daniel Francisco Mate Badenes (3.19%), Aristotelis Mistakidis (3.17%), Tor Peterson (2.8%), Alex Bird (2.45%). The transformation from commodity trader Glencore in mining giant associated with the name Ivan Glasenberg. In 2013, Glencore has absorbed the Anglo-Swiss Xstrata and became the fourth in the world mining company.
Qatari sovereign fund (Qatar Investment Authority) was established in 2005 to strengthen Qatar's economy through diversification of assets. According to Al Jazeera, in 2013 under the management of the Fund's assets were worth up to $ 100 billion. Qatar Investment Authority also has projects in Russia. Since 2014 he is a partner of the Russian Direct Investment Fund (RDIF) on a number of projects, including - investments at the international airport "Pulkovo". Recently, it was reported that the Qatari fund with RDIF and Roman Trotsenko agree on the purchase of a large stake in "Northern Capital Gateway" (the concessionaire "Pulkovo" airport) from structures, "VTB Capital." The representative of the Russian Direct Investment Fund yesterday declined to comment. A source close to the Russian Direct Investment Fund, told "Vedomosti" that the fund was not involved in the transaction, but considers it beneficial to all participants.
"Russian oil companies are extremely undervalued because of low oil prices, sanctions, geopolitical risks," - says the analyst of "Sberbank SIB" Valery Nesterov. But the situation at any moment can change. In addition, "Rosneft" - a global company with a strong resource base, it develops rapidly modernizing assets, "Bashneft" has recently bought and continues to buy: from this point of view, the deal for the consortium looks very competitive and prestigious, concludes the analyst.
Now "Rosneft", together with the Central Bank and Ministry of Finance need to develop a translation scheme of currency into rubles, which would not negatively impact on the market, said Putin. Hardly "Rosneftegas" will sell the currency on the market as soon as possible intracorporate transaction with "Rosneft": the currency will be transferred to "Rosneft" for the settlement of debts and foreign purchases, and 600 billion rubles, the company recently raised - "Rosneftegas" for payment the budget, says Natalia Orlova from Alfa Bank.