Russian and World News“ Rusal “ has found the credit
// the CALL CUP
As it became known last week, OK “ Rusal “ has involved $4,5 mlrd for purchase at Michael Prokhorov of a blocking share holding “ Norilsk nickel “. The transaction can be closed the next weeks. The agreement on granting to aluminium holding of $4,5 mlrd on acquisition of 25 % plus 1 action “ Nornikelja “ representatives " have signed; Rusala “ and syndicate from 11 international banks. We will remind, OK “ Rusal “ in the end of January of the beginning the general sindikatsiju the credit for $4,5 mlrd for financing of purchase of 25 % plus 1 action “ Nornikelja “ at group ONEKSIM under control to Michael Prokhorov. Then to a primary pool of banks - organizers (ABN Amro, BNP Paribas, Credit Suisse and Merrill Lynch) were added ING, Barclays, Natixis and Calyon. In first three months the rate under the credit makes LIBOR+1 %, the next three months - LIBOR+1,25 %, in the following half a year - LIBOR+1,5 % and last year - LIBOR+2 %. The Russian company has started to choose the credit last week. Transaction financing on package acquisition “ Nornikelja “ it is planned to carry out at the expense of % of actions of new release and multi-billion a bridge - the credit which refinancing is planned at the expense of credits and release of eurobonds. With Michael Prokhorov about purchase at it of 25 % plus 1 action “ Nornikelja “ for money and 11 % of the actions “ Rusal “ has agreed even in the autumn. In January the Federal antimonopoly service has approved this transaction. Also it became known that general director Kinross Gold Corp. Thaw Bert has agreed to be a part of board of directors “ Nornikelja “ having received the invitation from OK “ Rusal “. ONEKSIM besides the owner Michael Prokhorov has put forward in council of 14 candidates. Among them the basic benefitsiar OK “ Rusal “ Oleg Deripaska, the co-owner of the incorporated company Victor Vekselberg and its general director Alexander Bulygin, and also independent candidates, including eks - president BHP Billiton Energy Coal Mike Oppengejmer.
// ON THE HOME FIELD
“ Lebedjansky “ has flied up on hearings
Since March, 5th of the quotation of Open Society “ Lebedjansky “ the largest manufacturer of juice in Russia, have grown on 7,77 % - from $82,7 to $89,125 for the action. Analysts connect a rise in price with again appeared hearings about sale “ Lebedjansky “ transnational company PepsiCo Inc. Observers notice that actions “ Lebedjansky “ have obviously grown on insajde and growth could be not so is swept up, if did not occur against the falling market. According to traders, a certain large company has exposed the offer on purchase of 77 % of actions “ Lebedjansky “ for $2,2 - 2,3 mlrd, or $107,7 - 112,7 for the action. Under the information from bank circles, the transaction can be declared till the end of March. Open Society capitalisation “ Lebedjansky “ makes about $1,82 billion PepsiCo advises “ the Renaissance the Capital “ and “ Lebedjansky “ - Deutsche Bank. According to representatives of banks, Citibank, advising PepsiCo at purchase Ukrainian Sandora in November, 2007, has departed from the transaction. We will notice, that PepsiCo has agreed about purchase more than 70 % “ Lebedjansky “ participants of the market told even in the last summer, however now the information on the forthcoming transaction is considered more authentic. Open Society “ Lebedjansky “ Makes juice (supervises about 31 % of the Russian market which volume makes approximately $3 mlrd), nectars, baby food, potable water and etc. Owns factories “ Lebedjansky “ and “ Progress “ in the Lipetsk region, “ Troy - Ultra “ in St.-Petersburg, and also the logistical operator of Open Company “ Enter logistics “. The basic owners - the deputy of the State Duma Nikolay Bortsov (30 %) and his son, the deputy of the Lipetsk regional council Yury Bortsov (25,13 %). In the free reference - 23,87 % of actions. The consolidated gain “ Lebedjansky “ for nine months 2007 has grown on 35 %, to $699,9 million, EBITDA - on 14 %, to $125,5 million, the net profit has decreased for 6 %, to $69 million
// the JUDICIAL BRIGADE
Rospotrebnadzor has won URSA - bank
on March, 11th URSA - the bank has lost the claim to Novosibirsk management of Rospotrebnadzora in which tried to challenge claims of department concerning conditions of granting to citizens of depositary services. Business URSA - bank is unprecedented: claims on concealment of real cost of bank contributions of Rospotrebnadzor has shown for the first time and at once has got support in court. Till now department insisted on illegality of the additional commissions and penalties on credit products. This theme became a subject of proceeding of Rospotrebnadzora more than with ten banks. Censures of the department which has checked up URSA - bank under complaints of clients, were caused by insufficient informing of consumers on an overall cost of depositary products. In particular, in the contribution contract the sizes of the commissions for acceptance and transfer of means for the account, transfer and delivery of money from the account, and also cost of service of the account poste restante have not been stipulated. Rospotrebnadzor has accused URSA - bank in “ an unaccordance to consumers necessary and trustworthy information about the services, providing possibility of their correct choice “ that is infringement of item 30 of the law “ About banks and bank activity “ and law item 10 “ About protection of the rights of consumers “. Lawyers expect that business URSA - the bank which has lost the claim to department of Gennady Onishchenko, will provoke mass claims of officials to banks. However investors will appear the main victims thus. Experts predict that as tariffs constantly change, with their each change banks or should renew contracts with clients, or the new points increasing dependence of clients from politicians of bank will be included in contracts of contributions. For example, such innovations in the contract can be an establishment of a certain formula of calculation of tariffs which would depend on objective indicators of the market, and its coordination with the client at a stage of signing of the contract.
// the COMPANIONABLE MATCH
“ JUnimilk “ has joined the American portfolio
Fund of one of the largest American investment companies Capital International more than for $150 million has got 10 % of Open Society “ JUnimilk “ - the second-large manufacturer of dairy production in Russia. According to the sources close to the transaction, it has been closed on March, 7th, and officially purchase declare on March, 17th. The American group of funds Capital International (a staff - apartment in the Dignity - Frantsisko) has been created in 1998, specialises on investments into the European, Asian, Latin American and African companies. The group invests $10 - 90 million in each company, aspires to receive “ a considerable minority share holding “ also prefers to leave projects through three - seven years. As has informed a top - the manager “ JUnimilk “ the package has got one of group Capital International funds - Capital International Global Emerging Markets Private Equity Fund III (CIPEF III). By data for December, 31st, 2007, the size of enclosed capital CIPEF III makes $600 million, to the Russian Federation it is necessary 9 %. “ JUnimilk “ - the first private company in the Russian food branch, become by object of investments Capital International. According to bank - depozitarija The Bank of New York, in portfolio Capital International Inc. There are bank VTB securities ($16,17 million, or 0,7 % of actions), companies X5 Retail Group ($33 million, or 0,5 % of actions), “ Farmstandart “ ($65 million, or 2,5 % of actions), Evraz Group ($372 million, or 1,1 % of actions). According to calculations of financial analysts, the fund has estimated “ JUnimilk “ expensively enough, thus that the companies are obviously necessary money: at it the debt relation to EBITDA exceeds 4, that is to occupy it cannot any more. Experts notice that arrival of investors to food sector neudivitelen if to consider last long-term forecasts of growth of the world prices for the foodstuffs.
// from the MIDFIELD
the Russian business feels a gold attraction
After “ Severstal “ and Millhouse Capital on zolotorudnye actives have turned a look and other not profile players. Open Company “ Nafta Metal “ affilirovannoe with the large gas trader of Joint-Stock Company “ the Trance of Nafta “ Has won auction on the right of use of bowels on Fedotovsky zolotorudnom a deposit in the Kemerovo region. Potential resources Fedotovsky make to 200 t gold. Experts consider that if stocks prove to be true, the company can enter into the five of leaders of the Russian market. The winner has offered for a site of 363 million rbl. at the starting size of single payment of 30 million rbl. “ Nafta Metal “ has obtained the licence for 20 years and is obliged to begin investigation on a site not later than in a year. In 2008 the company intends to invest in gold mining about $13 million, and for three years to increase the sum of investments to $130 million “ I am assured that already till the end of this year gold will rise in price to $1,5 - 2 thousand for trojskuju ounce. Absolute growth of actives is the basis for investments “ - the co-owner of Joint-Stock Company " has noted; the Trance of Nafta “ Vladimir Kondrachuk. Meanwhile “ Nornikel “ According to strategy of alienation of not profile actives, declared forthcoming sale of actions of the leader of 1 % Russian zolotoproizvoditelja Open Society “ the Pole Gold “. Analysts notice that such package can cost about $100 million Buyer there can be one of blocking shareholders of the gold mining company - Michael Prokhorov or Vladimir Potanin, experts believe. We will notice also that disposal of not profile actives passes not quite consistently: last week affiliated company “ Nornikelja “ - Open Company “ CHugold “ has won auction on the right of use of bowels Tymlatsky zolotorudnoj the areas on Kamchatka, having offered 48 million rbl. Look-ahead resources of the area - 49,028 t gold and 90,690 t silver.
Materializatsija “ Guty “
last week it became known that bank “ Tver “ has replaced the name on “ Guta - bank “. Thus, owners of group “ Guta “ to which posesses the former bank “ Tver “ after four years have decided to revive a known brand and to designate the returning in bank business. Owners “ Guty “ have forcedly sold in 2004 the bank Vneshtorgbanku, but the rights to a trade mark “ Guta - bank “ remained with them. And here after almost four years it has been decided to revive a brand buried during crisis of liquidity. In general - that revival of old brands in the conservative bank market was not observed till now. And hardly who would want to carry the money in bank “ Imperial “ or, let us assume, in Inkombank. However with Guta - bank a bit other history. This brand is deprived unequivocally negative image as the problems which have arisen at bank, have been solved after its purchase by Vneshtorgbankom. It is interesting that bank “ Tver “ Has been formed in 1990, it is bought by group “ Guta “ in 2002 - m, but the general licence of the bank already renamed in Guta - bank, it is dated on March, 4th, 2008. As have told “ to Money “ the sources close to revived Guta - to bank, it plans to develop actively retail business in regions. Now at bank seven branches, and by 2010 their quantity to 50 is planned to finish. Basically nothing disturbed to owners of group “ Guta “ to be engaged in the same consumer crediting in regions under a bank brand “ Tver “. But the carried out rebrending speaks about serious ambitions in the field of bank business.