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German Gref thinks six to 8.5 billion dollars to be the fair price for the redemption of Gazprom shares
Russian Economic Development and Trade Minister German Gref thinks six to 8.5 billion dollars to be the fair price for the redemption of Gazprom shares. "The fairest price for redeeming the Gazprom shares is between 6 and 8.5 billion dollars," he told journalists. The figures range from six to ten billion dollars, he said. "We think ten billion is overstated. A more or less fair price is from six to 8.5 billion dollars," Gref said. The decision to redeem will be made by the board of directors at the June 15 sitting, Gref said. The amount will be borrowed at the first stage and "we'll see what to do next," he noted. To him, it will most probably be a bank pool. Gref said that the talks are under way with many banks but, most probably, the sum would be borrowed from Western banks. "Russian banks will hardly provide the sum," Gref said. Earlier, the international bank Dresdner Kleiwort Wasserstein, which is making an assessment on the Gazprom order, set the range of one Gazprom share at 3.94 to 4.52 dollars. Thus, the block of Gazprom shares (10.74 percent) can be assessed at between 10.2 and 11.5 billion dollars. According to Morgan Stanley, which is the assessor on the state's behalf, one Gazprom share costs 3.3 to 3.9 dollars and, correspondingly, 10.74 percent of the gas giant's shares may be between 8.39 and 9.92 billion dollars. Gazprom sees as real the Dresdner Kleiwort Wasserstein assessment, the Gazprom CEO's press secretary Sergei Kupriyanov told RIA Novosti earlier. "We believe that the Dresdner Kleiwort Wasserstein valuation reflects the real market price of our company with account for its good development perspective as a global energy company," Kupriyanov said. The redemption is held to increase the state's share in the Gazprom capital to the controlling interest
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