Rus News Journal

Gazprom it is not ready to play the liberal with shareholders

the 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.