Why Raiffeisen Bank bought Tatneft for 40 billion rubles?

Experts of "Business online" discuss, whether the sale of shares to the bank from "the sphere of influence of the Rothschilds" is connected with the law on deoffshorization.
Austrian Raiffeisen Bank International has consolidated 6.09% of shares of "Tatneft". The transaction took place back on May 8 but information about this company released only at the end of last week. According to experts of "BUSINESS Online», the emergence of such a solid long-term shareholder - a positive signal for other investors. On the other hand, it remains a mystery figure of the seller.

Austrians - the largest shareholder after the Government of Tajikistan

Raiffeisen Bank International gained control over 6.09% of the shares of "Tatneft" said the company published on Friday evening. The transaction took place on May 8 and its follow-up paper package of "Tatneft" is a bank in direct self-possession (not in nominal holding).

Immediately make an important caveat: not the fact that Austrian bank bought at the same time all those papers. How Service Bank owned before (and owned it at all), the company does not disclose. But the possibility is not excluded that Raiffeisen was already owner of some shares in the "Tatneft" and now only to increase it (as well as became the owner of more than 5% of the company, it shall notify itthe fact of the other shareholders). In the Russian office of the bank we redirected in the head office of a European, but at the time of the material "BUSINESS Online» answer to your request is not received. No comments yet given itself "Tatneft".

However, now it is known that European financiers hold 132,701,714 voting shares of the largest companies of Tatarstan. Middle Paper Course May 8 was 302 rubles per share, so the market price package can be assessed at 40.08 billion. Rubles. Today, this package is worth 39.33 billion. Rubles, the price of ordinary shares of "Tatneft" 296.4 rubles per share. However, significant amounts of transaction exchange price can only be considered as a guide to which can be used as a premium and a discount.

According to the list of affiliated persons, of April 1, the Ministry of Land and Property Relations of Tatarstan through "Svyazinvestneftekhim" owned 32.5% of the company's shares. Another 56.2% of the securities of "Tatneft" were in nominal holding of non-bank credit institution National Settlement Depository, ie, are in freeth treatment.

General Director of "Tatneft" Nail Maganov, commenting on the shareholder structure of the company during the Internet-conference with the readers of "Business Online", said: "Our main shareholder is the Republic of Tatarstan, it owns 33 percent. 2 - 3 per cent of the shares has TAIF. As for Western shareholders, those with whom I met personally - is the real US funds. And I did not see the owners of large consolidated package that would be 5 - 10 - 20 percent. This small stakes in various funds. "

Indeed, according to data on the website of "Tatneft", according to the results of 2013 more than 45 thousand. Shareholders registered in the register of shareholders. In this case the geography of shareholders covers the territory of Russia (basic share), North America, Australia, Europe and Asia.

However, it turns out, is now more than 5% is still the owner of the consolidated package appeared. Raiffeisen Bank International AG - the largest banking group, with its headquarters in Austria. The total amount of assets is estimated at 122 billion. Euro. In the first quarter 2015 amounted to 3,814 RBI capitalizationbln. euro. According to the annual report of the bank in 2014, it employs about 52 thousand. Employees, 2.9 thousand. Units served 14.8 million. Customers.

RBI 78% owned by the non-listed Raiffeisen Zentralbank group, which, in turn, controlled by 8 provincial Austrian banks, known as the land savings banks. Land banks are owned by hundreds of small cooperative banks Raiffeisen, Raiffeisen forming system.

The first office of Raiffeisenbank in Roscii was opened in 1996. It was then the Austrian financial group of the same name has turned its attention to Russia. In 2007, the Group acquired the Russian Impexbank and since then one of the three largest foreign banks operating in the country.

SHARES sailed from offshore companies?

In addition to the buyer's particular interest is the figure of the seller of shares of "Tatneft". But, unfortunately, lists of affiliates to respond to this question can not.

However, attention is drawn to the fact that the transaction was executed on the eve of entry on June 1 of the law on compulsory declaration of "offshore'Assets. Someone shareholders of the unspoken "Tatneft", could get rid of the package, so to speak, to "go to the cache" so as not to shine this link to federal authorities.

At the same time, saying Sell in May and go away does not lose relevance, so it could sell shares and professional players, especially those who decided to warm up in the growth of yields of European bonds in May.

The shares of "Tatneft" presented on the Russian and international stock markets.

In terms of trading on Russian and London stock exchanges "Tatneft" holds steady in fourth place among Russian oil companies. The depositary receipts of the company is also listed on the London Stock Exchange, where the annual volume of trading in securities of "Tatneft" exceeds 2.5 billion. Lbs.

I must say that, in addition to high liquidity, the shares of "Tatneft" can now be of interest to investors in the run-up to the dividend payment. Previously, the board of directors of "Tatneft" recommended the general annual meeting of shareholders to pay a dividend of 10.58 rubles per share. How fromSword in the materials of the company, the payment of dividends on preferred and ordinary shares of "Tatneft" is offered at a rate of 1058% to the nominal value of the securities.

Previously, the company reported that in connection with the growth of net profit for 2014. The dividend on the preferred shares may be directed 1.561 billion. Rubles against 1.214 billion. Rubles a year earlier.

Note that the "deadline" to identify persons / persons entitled to receive dividends on the results of 2014 fiscal year, expires in six weeks - 15 July, so that the transaction accomplished in this sense, in a timely manner.

On the other hand, it can be assumed that investments Raiffeisen Bank are not short, speculative, and are designed for the future, with a view to stabilize and even rise in oil prices and, as a consequence, a further rise in price of shares of oil companies.

"Bet One of the most attractive oil and gas assets of the Russian Federation"

Anton Magpies - THEIR analyst "Finam":

- To date, the stake of "Tatneft" valued by the market at about 40 billion rubles. We believe that eI oil company, this deal looks positive event - entry into the capital of a major bank with Western capital can be a signal to foreign investors that the Russian market is interesting for large institutional investors.

And to attract external funding such a change of the share capital also looks very interesting. Given the low volatility of the asset and a substantial amount of investment can hardly be considered a speculative purchase, I think that the acquisition of long-term, the emphasis is on one of the most attractive Russian oil and gas assets. If the transaction was not much above the market, this investment can certainly be considered a good investment, especially in the long term.

Sergei Kozlovsky - the head of analytical department GrandCapital:

- Activities of "Tatneft" will become more transparent for Raiffeisenbank, and, consequently, the financing of projects could be more attractive and stable. On the issue of the login is successful, increasingly worth racesregarded the deal not as a speculative and investment, although the first idea implemented very timely against the backdrop of the correction in the oil and gas sector of the stock market.

"Package price could amount to 60 - 65 billion rubles"

Anna Kokoreva - analyst "Alpari":

- According to our estimates, the cost of the package could amount to 60 - 65 billion rubles. On the activities of "Tatneft" this acquisition will not affect, in general, the interest of Raiffeisenbank - a positive sign and an example for other foreign investors.

I think the bank has a long-term interest in "Tatneft". Over the past year its shares have demonstrated a positive trend and were stronger than the market. Earlier this year, the quotes were corrected and are now consolidated. Reporting for the first quarter 2015 can be assessed as negative in spite of the increase in revenue: decrease in net profit was a surprise for the market. In general, we assume that the shares of "Tatneft" will go to a second wave correction may be reduced to the level of 265 - 270 rubles, and then start its recovery. Now the price of akagainst the low, and it is a good time to acquire the company's shares.

"Does it matter who will be the owner SHARES, offshore companies or banks?"

Mikhail Khazin - economist, writer, broadcaster and member Izborsk Club:

- Share of 6.09 percent does not provide Raiffeisenbank strategically important control "Tatneft". This transaction can be regarded as imposing on the sums expended, but not in its consequences. Even if we assume that in the bank worth some large Russian official, who on the eve of the entry into force of the law on deofshorizatsii economy tries to keep his name in the shadows, hiding his bank back, it does not change anything. What is the difference, whether offshore or shareholder Raiffeisen? Western courts in disputes beyond the Russian Federation, will always be to protect foreigners.

Another thing is, how do we do to get rid of the influence of foreign capital in the Russian economy? How to do it technically? You can, for example, to pass a law requiring any company that owns real estate in our country, or the license to develop Monthsorozhdeniya, to have Russian jurisdiction. But this can not be done in haste, it will take time.


Valentin Katasonov - Doctor of Economics, Professor of Moscow State Institute of International Finance:

- Raiffeisenbank, who bought the shares of "Tatneft", included, to my knowledge, in the sphere of influence of the Rothschilds. And in it last year, according to Central Bank statistics, it was very good profits, despite the announced economic sanctions on Russia. Part of the profits went to the purchase of certain shares of "Tatneft".

Against the background of the economic war with the West, I would strongly recommend not to allow foreign investors in the Russian economy. Why is strategically important Russian production should not be in the hands of foreigners, I think no need to explain. The first example demonstrates what it may lead - blocking payment systems Visa and MasterCard after the first week of economic sanctions. Although Visa and MasterCard - are Russian companies that they obey the laws of the Russian Federation,for they are "daughters" in relation to the international payment systems. Therefore, they override the commands coming from abroad than the team, coming from Moscow.

Generally, this is a very sore subject in the light of strengthening the defense capability of Russia. I recently attended a meeting of the State Duma committee on defense policy and listened to upbeat reports on how the reduced dependence on foreign supplies as increasing the level of localization of production. But when I asked, from whom are components for our defense, it was found out that those same companies with foreign participation. Thus, managers of defense enterprises have recognized that the situation is far from satisfactory.