“ Gazprom “ it is not ready to play the liberal with shareholdersthe rights of shareholders
share market Liberalization “ Gazprom “ will begin right after how the government consolidates a company controlling interest in the hands. At annual meeting of shareholders the chairman of the board “ Gazprom “ Alexey Miller declared that liberalisation will occur in the shortest terms. But soon it became known that expectation can be tightened till the end of the year, and quotations “ Gazprom “ at once have gone downwards.
By data for December, 31st, 2003, the government of Russia 38,37 % of actions " owned; Gazprom “. To affiliated structures “ Gazprom “ 15,92 % belong. Ruhrgas AG - 6,35 % (from them on Joint-Stock Company “ Gerosgaz “ 2,93 % and 1 more % - in ADR) are issued. Bank of New York is the nominal holder of 4,42 % of actions in ADR. 14 % of actions are at physical persons, about 20 % - at foreign legal bodies.
On the eve of annual meeting of shareholders “ Gazprom “ company stock quotes have reached the three-year maximum (on RTS they have risen to 65,71 rbl.). Investors expected that Alexey Miller, addressing to shareholders, names terms of liberalisation of the share market - its essence is reduced to that the foreign companies will acquire the right to buy a paper “ Gazprom “ without any restrictions.
head “ Gazprom “ Alexey Miller, answering questions of shareholders, has declared that liberalisation will occur in the near future. However already in two hours, acting on a press - conferences, he has specified terms, having referred to the representative of the government, which “ promised to accept till the end of the year corresponding documents on liberalisation of actions ` Gazprom ` “ (by data, it is a question of head MERTa Herman Gref). As a result in day of meeting securities “ Gazprom “ have fallen to RTS on 6,2 % (with 65,7 to 61,7 rbl.) And gazpromovskie ADR on LSE - on 4,2 % (from $3,22 to $3,09 in recalculation on one action).
Analysts see one reason of a delay with share market liberalisation “ Gazprom “. In their opinion, liberalisation is impossible before finding by the controlling stock state in an authorised capital stock “ Gazprom “. However the government was not defined with the mechanism of increase in the share. “ the transaction on acquisition of actions (the state. - ) it will be realised on market conditions till the end of the year... Company management has presented absolutely specific proposals to the government and Presidential Administration “ - so mister Miller has answered questions of journalists on the scheme of transfer of papers “ Gazprom “. By data, there are two variants of consolidation of a share of the state. The first - granting “ to Gazprom “ in exchange for papers of the tax privileges equivalent to cost almost of 16 % of shares of company. If to count capitalisation for the evening on June, 25th privileges should be estimated in the $7,3 billion Second variant - an exchange for papers of gas holding of a controlling interest “ Rosneft “ and of some actives in small extracting state enterprises in Eastern Siberia. However, official acknowledgement of any of these variants is not present.
will watch succession of events.
NATALIA - the MUSHROOM