VTB Bank, a month after closing the deal on the purchase of an 85% stake in Vozrozhdenie Bank from Dmitry Ananyev, made an offer to Vozrozhdenie minority shareholders to buy shares at a price of 481.68 rubles. apiece, follows from the information on the disclosure site.
The bank sent a minority shareholder of Vozrozhdenie an offer to repurchase the remaining 14.9999996% of shares in accordance with the requirements of the Law on Joint Stock Companies. The deadline for the acceptance of the mandatory offer is 70 days from the date of receipt of the offer by Vozrozhdenie Bank.
According to the law, the valuation of shares should be no lower than the weighted average cost per share for the previous six months, reminds S & P leading analyst Ekaterina Marushkevich. Also, the bank cannot offer to repurchase shares at a price lower than that at which the bank acquired a controlling stake. Considering that the bank’s shares over the past six months were traded on the Moscow Stock Exchange in the range of 320–470 rubles. per share, which is lower than the proposed price of 481.68 rubles, we can conclude that it was this price that VTB paid for the shares of Bank Vozrozhdenie.
If we proceed from the offer price, VTB spent about 9.7 billion rubles on the purchase of a controlling stake in Vozrozhdenie (20,186,390 shares). The purchase of shares from minority shareholders can spend another 1.7 billion rubles. - a total of 11.4 billion rubles., Summed up the analyst. On October 1, the capital of Vozrozhdenie was 30.6 billion rubles, so the entire bank managed to cost VTB less than half the capital.
VTB currently does not comment on the value of the transaction. The bank will disclose the price in the reporting of the group on international standards for the first nine months of 2018, a representative of VTB said.
A new assessment of the bank’s purchase is lower than the previously announced 12.1 billion rubles. - such a cost of “Renaissance” by analysts from S & P was calculated on the basis of guarantees in the amount of 4.4 billion rubles, which were provided by VTB to lift the arrest of 36.41% of the shares of “Renaissance” at the suit of the reorganized Central Bank Promsvyazbank, which previously belonged to brothers Alexei and Dmitry Ananyev. In September, the Moscow Arbitration Court lifted the arrest of these shares, which made it possible to close the deal.
VTB plans to complete the full integration of Bank Vozrozhdenie into its structure in 2020. The VTB Council has already approved the procedure for the forced redemption of shares from minority shareholders - this mechanism can be launched if the majority shareholder consolidates a 95% stake in Vozrozhdenie. But the deputy president of VTB, Anatoly Pechatnikov, previously admitted that 10% of Vozrozhdeniye’s shares could remain in free circulation if the minority shareholders did not take advantage of the offer to repurchase shares from them.
The buyback price offered by VTB is 3.7% higher than the price of Vozrozhdeniye ordinary shares on the Moscow Stock Exchange. As of 18:00 Moscow time, they were quoted at 464.5 rubles. per share.
VTB closed the deal on the purchase of Bank Vozrozhdenie four months after the head of VTB Andrei Kostin announced in May that the state bank “at the request of the Central Bank” became interested in purchasing Vozrozhdenie. The amount of the transaction was not called, but VTB promised to make a purchase “at a price not higher than that determined based on the appraiser's report.”
For Renaissance, we had to look for a buyer after the Central Bank took the brothers Dmitry and Alexey Ananyev to Promsvyazbank for reorganization and ordered the brothers to reduce their share in their second bank, Vozrozhdenie, from 52.7% of the shares to less than 10%. After the rehabilitation of the PSB, the Ananievs decided to divide the business, and the bank assets were ceded to Dmitry. VTB did not directly negotiate with Dmitry Ananyev: the deal was structured by Bonum Capital fund Murat Aliyev, who previously worked for Senator Suleiman Kerimov at Nafta Moscow.
VTB's deal on the purchase of “Renaissance” was hampered by a London court twice: Renaissance shares were arrested twice among the other assets of the Ananyev brothers by the High Court of London. However, both times - after providing security and as a result of disputing - the seizure of assets was lifted.