Game rulesOn Friday after closing of stock exchanges news agency “ Interfax “ has literally blown up the market the next news from category M &A. Referring to a source in bank circles the agency has informed that German concern ThyssenKrupp carries on negotiations for purchase “ Severstal “. But it not the unique applicant for the transaction, confirmed agency, - ThyssenKrupp ostensibly carries on negotiations and with US Steel. Architects of the transaction - Citigroup and JP Morgan accordingly.
if the transaction “ Severstal “ and TissenKrupp has taken place, the incorporated company could throw down a challenge to the leader of branch Mittal - Arcelor - 60 million tons of a steel against hardly more than 100 million tons. But thus “ Severstal “ would receive a role of the younger partner which, judging by last statements of its owner Alexey Mordashova, at all does not arrange. Last time he has declared what to concede control over the company does not gather.
there is one more detail: ThyssenKrupp is not the metallurgical company. Besides steel melt, it delivers accessories for cars, industrial systems, is engaged in service and, to all other, makes lifts and escalators. Both service and technologies occupy the basic share in gain ThyssenKrupp while on steel sector it is necessary less than 50 %. Differently, as the transaction, for experts in the field of M &A the big riddle in this case can be structured. A riddle it, probably, also remains: on Saturday and “ Severstal “ and ThyssenKrupp have denied the information “ Interfax “.
It is not surprising - if the transaction serious, leaks about it happen seldom and occur or by happy accident for the journalist, or for achievement by a source “ plum “ a specific goal, for example, that “ to shake “ quotations of the company or simply to check up market reaction. Here last year the hearing that ALROSA will buy " actively extended; Norilsk nickel “. One of investment bankers told to me then that have started conversations shareholders of the company to look, as the public will react to hearings about a deprivation of the nickel leader.
fairly having worked on Friday evening at finding-out, whether there is something real for “ slivom “ about “ Severstal “ and ThyssenKrupp, I have learnt the following. Some days before a message exit my colleague from the western news agency was called by the familiar metallurgist with the unusual request - to learn, whether the large transaction really prepares. And in order that is called off the record and referring to “ okolobankovskie “ sources, has told that banks prepare strategy for Thyssen, considering a variant with participation “ Severstal “ and US Steel.
My colleague has interrogated all figurants who, certainly, have refused comments, and, having reached banks, has found out that, except “ a certain idea “ more anything is not present - either projects, or negotiations (the same I have done on Friday with the same result). So, and there is nothing to publish. What its amazement when next day this news has given out " was; Interfax “ referring to bank sources. Reaction of the market has not kept itself waiting long: actions US Steel (in the USA the markets were not closed by then yet) have grown on 7,1 %. Papers “ Severstal “ despite a refutation, on Saturday on the Moscow Interbank Stock Exchange have grown on 1,5 %, whereas the market as a whole - on 0,5 %. GDR the companies in London on Monday have continued a tendency at the same level - plus of 1,5 %.
When my colleague has taken an interest at the familiar metallurgist, what for was to extend on all market unchecked and in many respects unreliable information, that has not found convincing explanations. But example ALROSA and “ Nornikelja “ shows that “ public opinion researches “ by start in mass-media of ideas on merges and absorption become usual practice.