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Gazprom avoids offer to TGK-1 minority shareholders
RBC, 09.02.2010, Moscow 12:41:45.Gazprom has managed to save up to RUB 25bn (approx. USD 823m) this year. According to the RBC Daily newspaper, the Russian energy holding's lawyers were able to find a loophole in legislation which enabled it to avoid making an offer to the minority shareholders of the power generation company TGK-1. They cite a provision which lifts the mandatory offer on share buyback if the deal is struck between affiliated companies. Meanwhile, TGK-1's largest minority shareholder - Finnish concern Fortum, which owns a 25.66-percent stake in the company - has repeatedly stated that it was not willing to sell its stake. "The deal was structured in such a way that the share buyback offer is not necessary," Gazprom's official spokesperson Sergei Kupriyanov told the publication on Monday. At the same time, sources close to Gazprom's consolidation of shares in the power generation company noted that Gazprom's lawyers have cited a provision in the law on joint-stock companies. Interestingly, analysts believe that the share buyback price that Gazprom could have quoted would have been unattractive for Fortum anyway.
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