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To acquire Gazprom shares, Rosneftegaz Co. intends to make an overseas loan
To acquire Gazprom shares, Rosneftegaz Co. intends to make an overseas loan, announced the federal Ministry of Economic Development and Trade. The company will borrow from the world's principal financial institutions, it says in a press release. The ministry came up with explanations on how the government share of Gazprom capital is to increase. The project starts with privatizing entire Rosneft stock through incorporating it in the Rosneftegaz authorized capital. Rosneftegaz will next purchase Gazprom stock from its subsidiaries at a market price and in an amount necessary to give the government its control block. Thus, at the initial stage, the government will gain control of Gazprom through acquisition of a control block of its placed shares. The stock will be accumulated from the Government Property Agency, or Rosimuschestvo, and the latter's affiliates-the Rosneftegaz and Rosgazifikatsia joint-stock companies. Gazprom stock will be liberalized after that to rule out double regulation of its turnover. The next stage envisages Rosneft joint-stock company shares partly placed in the open market thus to attract capital necessary to pay available debts and enhance corporate capitalization. A public petroleum company attractive to capital investors will arise as the result, says the press release. Rosneftegaz will be liquidated as soon as Rosneft stock is placed. Gazprom and Rosneft control blocks will thus come into direct government holding. The ministry is ready with a schedule of implementing those blueprints, with June 24 for first stage deadline, that is before the nearest Gazprom shareholders' general meeting. Morgan Stanley Co. is evaluating Rosneft assets and actualizing the Gazprom stock price. It is ready for now with preliminary estimations of the Rosneft stock price corridor. The Morgan Stanley will offer its final evaluations to the Government Property Agency, May 19. The Dresdner Kleinwort Wasserstein, Gazprom's contract partner, is to make, by the same day, its own evaluation of the necessary Gazprom block, adds the release.
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