Acquisition Tetra Laval in Russia
the Swedish group Tetra Laval which has bought in June of last year 20 % of actions tselljulozno - paper industrial complex “ Svetogorsk “ now has taken hold of a controlling interest of this enterprise of the CIS largest in the branch, skupiv actions at labour collective. At meeting of shareholders of joint-stock company “ Svetogorsk “ it has been declared that Tetra Laval has now 56 % of actions. Moreover - in the end of February Tetra Laval will take part in the investment auctions where 15 % of actions of industrial complex will be exposed. On conditions of tender, the applicant should invest in reconstruction “ Svetogorska “ $126,4 million for three years.
in 1993 the Swedish group has given “ Svetogorsku “ a loan in $10 million for line modernisation on manufacture of a cardboard for milk packing. The industrial complex should return “ the interest-free credit “ finished goods, however debt returning was tightened. So “ Svetogorsk “ for the first time it has appeared obliged Tetra Laval which cancelled a debt, holding in mind plans to take the enterprise under the control.
till June, 1994 the labour collective was the large holder of actions of industrial complex. At action privatisation “ Svetogorska “ have been divided between employees - everyone, from the simple worker to the director, has received 77 actions at the price one thousand roubles. Having bought at check auction at first 20 - a percentage part of a package, Tetra Laval has opened at industrial complex point of purchase of actions at workers. The group bought up them at the price of $10 for the action, and it is no wonder that workers left actions without reflecting. As a result by new year Tetra Laval owned already 56 % of actions “ Svetogorska “. That the antimonopoly committee of Russia did not have claims, (under the Russian legislation without the special decision of the government the foreign company can own only 35 % of actions of the Russian enterprise) Tetra Laval has distributed a controlling stock between the affiliated firms.
in January Tetra Laval has insisted on carrying out of extraordinary meeting of shareholders where the new structure of management has been accepted, the joint-stock company charter " is changed; Svetogorsk “ also the plan of investments is considered. By the director of industrial complex representative Tetra Laval has been appointed, and the former general director of industrial complex Gennady Kalugin has headed board of directors. G - n Kalugin has informed that in the end of February Tetra Laval will take part in the investment auctions where the Fund of property of Leningrad region will expose 15 more % of actions “ Svetogorska “. Earlier the variant of granting of this package of the Timber industry holding company " was considered; the Wallet “ (Into holding have entered itself “ Svetogorsk “ industrial complexes “ Soviet “ “ Kondrovo “ the Kaluga region and the Kaliningrad paper industrial complex). However, Gennady Kalugin has noted, the holding has appeared “ deadborn structure “ - from - for a complete dependence from domestic suppliers of raw materials.
though “ Svetogorsk “ it is constructed in 1991, the Swedish experts consider that it does not correspond to the European standard and has lagged behind in development similar manufactures in Scandinavia. From - for technical inconsistencies in December, 1994 the industrial complex worked only on 60 % from the designed capacity. The rebuilding plan “ Svetogorska “ it was developed by Roslespromom and Fund of property of Russia, and, by calculations, for these purposes it is necessary $118 million Having considered the plan, Tetra Laval has increased the rate by $8,4 million Conditions of the forthcoming investment auctions assume that the applicant on 15 - a percentage package should invest this sum within three years. Actually already it is now clear that the package will get Tetra Laval. The group intends to replace completely almost the equipment on manufacture of a white paper, to reconstruct shop derevoobrabotki, to establish new system of treatment facilities and to reconstruct sulphatic factory, and also to improve system lesovosstanovlenija in deforestation areas. All system of power supply “ Svetogorska “ it is supposed to translate on natural gas, to introduce perfect technology of deforestation with special equipment use on pneumatic to a course.
on conditions of tender two applicants should participate in struggle for actions at least. And procedure of the auctions can turn to performance: nobody begins to put more than hundred millions dollars, without having control over industrial complex. Probably, that the auctions have not been broken, any fictitious organisation will take part in them.
so, in March Tetra Laval almost for certain becomes the owner more than 70 % of actions “ Svetogorska “. The planned capital investments will be for the Swedish group the large-scale project in Russia (for five years Tetra Laval invested in the Russian enterprises about $200 million). And industrial complex reconstruction becomes the largest investment project in all severo - the western region.
KONSTANTIN - ZBAROVSKY, SERGEY - ANTS