Monday, January 30, 2006
Norilsk Joins Forces With Mining Giant
Kommersant: New Stocks to Become Conflict Resistant
Kommersant: Norilsk Nickel Grabs Control over Nezhdaninskoe Gold Deposit
Aeroflot seeks foreign strategic investor in airline, confirms NRK’s intention to sell 30% stake
Aeroflot, the Russian national carrier, would like a foreign airline to acquire a minority but significant stake in the airline, a senior Aeroflot official said.
The official said that Aeroflot is aggressively seeking to increase the size of the airline both by buying new planes from the west and acquiring domestic airlines in Russia.
The source said that the acquisition of a minority stake from one of its Skyteam partners such as Air France KLM would be welcome. No-one from Air France KLM were available for comment.
The source also confirmed that Alexander Lebedev, a Russian parliamentary deputy and co-owner of National Reserve Corporation [NRK], is seeking buyers for NRK’s 30% stake in Aeroflot. However, the source said it would be difficult for Lebedev to find a buyer for stake he values at about USD 500m.
It has been previously reported that Russian banks Vneshekonombank, OAO Sberbank and JSB Gazprombank could be interested in acquiring NRK's stake in Aeroflot.
Source mergermarket
Value USD 500m (Value of NRK stake)
The official said that Aeroflot is aggressively seeking to increase the size of the airline both by buying new planes from the west and acquiring domestic airlines in Russia.
The source said that the acquisition of a minority stake from one of its Skyteam partners such as Air France KLM would be welcome. No-one from Air France KLM were available for comment.
The source also confirmed that Alexander Lebedev, a Russian parliamentary deputy and co-owner of National Reserve Corporation [NRK], is seeking buyers for NRK’s 30% stake in Aeroflot. However, the source said it would be difficult for Lebedev to find a buyer for stake he values at about USD 500m.
It has been previously reported that Russian banks Vneshekonombank, OAO Sberbank and JSB Gazprombank could be interested in acquiring NRK's stake in Aeroflot.
Source mergermarket
Value USD 500m (Value of NRK stake)
Friday, January 27, 2006
RIA Novosti - Russia - Russian financial market regulator tightens IPO rules
Norilsk Nickel and Rio Tinto create joint venture for projects in Far East and Eastern Siberia
Norilsk Nickel and Rio Tinto have agreed on creating a joint venture for developing mineral reserves in Russia, Vedomosti and The Moscow Times reported. The signing of an agreement was confirmed by Rinat Gizatulin, the spokesperson of Russian Natural Reserves Ministry, quoted in Vedomosti. He stated that the JV will explore precious metals and iron ore reserves in the Far East and Eastern Siberia.
Norilsk Nickel, the listed world nickel and palladium leader and Rio Tinto, the world's third largest miner, did not comment on the deal, the papers noted. One source close to Interros company, which controls Norilsk, stated that Rio Tinto will take 49% and Norilsk will take 51% stake in the venture.
Quoted in MT, Rio Tinto general director, Leigh Clifford suggested that his company sees large opportunities in Russia.
Norilsk had revenues of USD 3.44bn in H1 2005, Vedomosti reported, citing no specific sources. The controlling stake in Norilsk belongs to its general director, Mikhail Prokhorov and Vladimir Potanin, the president of Interros.
Source Vedomosti, The Moscow Times
Value USD 3,440m (Norilsk revenues in H1 2005)
Norilsk Nickel, the listed world nickel and palladium leader and Rio Tinto, the world's third largest miner, did not comment on the deal, the papers noted. One source close to Interros company, which controls Norilsk, stated that Rio Tinto will take 49% and Norilsk will take 51% stake in the venture.
Quoted in MT, Rio Tinto general director, Leigh Clifford suggested that his company sees large opportunities in Russia.
Norilsk had revenues of USD 3.44bn in H1 2005, Vedomosti reported, citing no specific sources. The controlling stake in Norilsk belongs to its general director, Mikhail Prokhorov and Vladimir Potanin, the president of Interros.
Source Vedomosti, The Moscow Times
Value USD 3,440m (Norilsk revenues in H1 2005)
BBC NEWS | Business | Old Mutual seals deal for Skandia
BBC NEWS | Business | FSA removes money laundering rule
BBC NEWS | Business | Investors bet on China's top bank
Telenor Ups Stakes by Going to Court
Rosbank to Sell Off 15% in IPO This Year
Telegraph | Money | DP World trumps P&O rival
Thursday, January 26, 2006
SHAREHOLDER RIGHTS - QUESTIONS ASKED OF PROPOSAL CBI Note
The European Commission has published a draft directive on shareholder rights on 5 January. While on the whole the proposals seem reasonable and proportionate, there are one or two areas which are likely to cause difficulties for CBI member companies. In a letter to Sir Digby Jones, Commissioner McCreevy explained that, while the CBI had expressed concern at the proposed 30 day period for all shareholder meetings (both AGMs and EGMs), many shareholders had wanted a longer period. However, the Commissioner expressed his desire for a pragmatic approach, indicating that he would be willing to listen to argument in the Council and Parliament. In addition, he pointed out that while the proposals would grant shareholders a legal right to ask questions, this would be subject to measures at national level to ensure the good order of the meeting.
The CBI is keen to hear views from members on the practical effect of the Commission's proposals including the additional costs of requiring 30 days' notice for shareholder meetings including rights issues and whether the right to ask questions needs further amendment. Initial views should be sent in by 14 February. Contact: mailto:Susannah.Haan@cbi.org.uk
The CBI is keen to hear views from members on the practical effect of the Commission's proposals including the additional costs of requiring 30 days' notice for shareholder meetings including rights issues and whether the right to ask questions needs further amendment. Initial views should be sent in by 14 February. Contact: mailto:Susannah.Haan@cbi.org.uk
BBC NEWS | Business | P&O backs Singapore takeover bid
Wednesday, January 25, 2006
The Exchanges
Access PBN: Ukrainian Companies Follow the Russian IPO Boom
Access PBN: Russia's IPO Pioneers
Telegraph | Money | Lloyd's abandons paperless system
Tuesday, January 24, 2006
Kommersant: Russia's Companies Shift to LSE
Rosneft flags pre-listing profit leap - Markets - Times Online
Chicago Tribune | Rosneft IPO headed to London
Monday, January 23, 2006
GlobalCustodian.com - Clearstream Confirms Departure Of Volker Potthoff
GlobalCustodian.com - Ellen Alemany Succeeds Frank Bisignano As Head of Global Transaction Services At Citigroup
GlobalCustodian.com - Capita Financial Group Selects BNY To Provide Trustee, Depository And Custody Services
Alrosa and Norilsk Nickel merger talks officially announced
Shareholders of Alrosa and Norilsk Nickel are discussing ways of merging the companies, announced Krasnoyarsk region governor, Alexander Khloponin, Kommersant reported.
The statement is the governor's first official announcement about the merger, Kommersant reported.
Alrosa is the Russian state-owned diamond monopoly. Norilsk Nickel is the world’s leading producer of nickel and palladium and one of the largest producers of platinum, according to its website. Norilsk Nickel is controlled by Interros, one of the biggest private investment companies in Russia, according to Interros web site.
Kommersant learnt from undisclosed sources that potential variants of Norilsk de-privatisation are being discussed by the Kremlin. One of the possibilities says that the deal value could amount to USD 4bn, the majority of which will be received by Interros president Vladimir Potanin.
Source Kommersant, Company Web site
Value USD 4,000m (Alrosa-Norilsk Nickel merger deal value)
The statement is the governor's first official announcement about the merger, Kommersant reported.
Alrosa is the Russian state-owned diamond monopoly. Norilsk Nickel is the world’s leading producer of nickel and palladium and one of the largest producers of platinum, according to its website. Norilsk Nickel is controlled by Interros, one of the biggest private investment companies in Russia, according to Interros web site.
Kommersant learnt from undisclosed sources that potential variants of Norilsk de-privatisation are being discussed by the Kremlin. One of the possibilities says that the deal value could amount to USD 4bn, the majority of which will be received by Interros president Vladimir Potanin.
Source Kommersant, Company Web site
Value USD 4,000m (Alrosa-Norilsk Nickel merger deal value)
Kommersant: The Jeweled Nickel
Sistema's Comstar Plans to Raise $1Bln in IPO
Friday, January 20, 2006
London market lures wave of Eastern IPOs - Business - International Herald Tribune
Russia cos could raise $4-$8 bln through IPOs in 2006
Thursday, January 19, 2006
GlobalCustodian.com - JP Morgan Sells London CD Clearing Business To Deutsche Bank
Nasdaq Has Held Preliminary Talks With LSE - CNBC
NEW YORK (Dow Jones)--Nasdaq Stock Market Inc. (NDAQ) is interested in
bidding for the London Stock Exchange PLC (LSE.LN) and has had preliminary
discussions with the market, CNBC reported earlier Thursday.
A Nasdaq spokeswoman declined to comment, while a representative for the LSE
also declined to comment.
The CNBC report arrives as financial players in both sides of the Atlantic
are keenly following a takeover dance involving Euronext NV and Australia's
Macquarie Bank Ltd. that may decide the London market's fate.
bidding for the London Stock Exchange PLC (LSE.LN) and has had preliminary
discussions with the market, CNBC reported earlier Thursday.
A Nasdaq spokeswoman declined to comment, while a representative for the LSE
also declined to comment.
The CNBC report arrives as financial players in both sides of the Atlantic
are keenly following a takeover dance involving Euronext NV and Australia's
Macquarie Bank Ltd. that may decide the London market's fate.
Gazprom's MICEX Debut Is Next Week
New Rules on IPOs Keep $8Bln in Russia
Desmond's Celtic holding is 41%, no bid plans in the frame – report
Dermot Desmond, the Irish businessman, now holds 42% of Glasgow-based Celtic football club, according to the Irish Independent.
The unsourced report noted that while he was not thought to be mulling an offer for the team, he did own 41% now. The report noted that he spent EUR 11.5m adding to his stake late last year.
Source Irish Independent
Value EUR 11m (Expenditure on stake)
"
The unsourced report noted that while he was not thought to be mulling an offer for the team, he did own 41% now. The report noted that he spent EUR 11.5m adding to his stake late last year.
Source Irish Independent
Value EUR 11m (Expenditure on stake)
"
Telegraph | Money | LSE joins critics of QinetiQ flotation as row gathers pace
Finextra: Citigroup to launch electronic trading network
Wednesday, January 18, 2006
Finextra: Euronext under pressure to pursue Deutsche Borse merger
Tuesday, January 17, 2006
Kommersant: LUKOIL to Surprise Investors
Finextra: HSBC sells UK statement facility to Communisis; signs outsourcing deal
Finextra: Deutsche Bank buys JPMorgan's UK depository and clearing unit
Monday, January 16, 2006
Norilsk Nickel could see government buyback via Alrosa LBO – report
Norilsk Nickel, the Russian mining group, could see a buy-back attempt by the Russian government within two years, a report in The Times said. The report cited senior bankers in Moscow for the claim. Sources cited by the item said a leveraged buyout headed by Alrosa, the state-owned diamond-mining group, is one option under consideration. The head of investment banking at one Moscow bank was quoted in the item as saying that Alrosa’s senior executives are mulling buying Norilsk. Norilsk and Alrosa denied the claims, the report said. Norilsk is owned by Vladimir Potanin and Mikhail Prokhorov, the Russian businessmen, the item added.
Deutsche Bank UFG chief executive Charles Ryan said he doubted that the Russian government would try to force a sale. Ryan added that Norilsk is being broken up into two units, the nickel operations and Polyus, the gold company. Potanin might look at focusing on Polyus, Ryan said in the report.
The item did not give any financial information for Norilsk. The company is listed in the US, and has a market capitalization of EUR 13.61bn.
Source The Times
Value EUR 13,615m (Norilsk Nickel market capitalisation)
Deutsche Bank UFG chief executive Charles Ryan said he doubted that the Russian government would try to force a sale. Ryan added that Norilsk is being broken up into two units, the nickel operations and Polyus, the gold company. Potanin might look at focusing on Polyus, Ryan said in the report.
The item did not give any financial information for Norilsk. The company is listed in the US, and has a market capitalization of EUR 13.61bn.
Source The Times
Value EUR 13,615m (Norilsk Nickel market capitalisation)
Anglo American hires UBS to sell to sell or list Mondi; Goldman Sachs advising on sale of 51% Anglo Gold stake – report
Anglo American, the UK-listed mining group, has hired advisers to conduct a break-up of the company, according to an unsourced report in The Sunday Times. The break-up is likely to start with a spin off of Mondi- its packaging operations, and the sale of its GBP 4bn (EUR 5.8bn) shareholding in Anglo Gold Ashanti, the Gold mining group, according to the report. Anglo American has hired UBS to adviser on the sale or flotation of Mondi, the report said. Shareholders want Mondi to be floated in the UK, the item added. Anglo American is already in talks with the government of South Africa regarding repatriation of the proceeds of a sale or spin-off without large tax liabilities. It is believed that UK-based fund management groups want shares in Mondi rather than generating cash via a sale, the report said. However, some European and US shareholders who have existing stakes in packaging groups want a straight sale.
Anglo American has hired Goldman Sachs to sell its 51% stake in Anglo Gold, the report added. Due to the size of the stake, the preferred option is for a three-part share placing, the item said. The group has hired Citigroup to sell its 79% stake in Highveld Steel, the South African steel group, the item said. Tata Steel is interested in Highveld, the report added. Anglo American has yet to hire an adviser for the sale of Tarmac, the UK-based construction materials group. Shareholders, however, are likely to push for the sale of Tarmac after the initial sales, the article said.
The Oppenheimer family of South Africa are believed to be interested in selling their stake in Anglo Gold, the item said. Newmont Mining, the US-based mining group, and Barrick Gold, the Canadian gold miner, were mentioned in the report as potential bidders for the stake. Analysts cited by the report said the appointments of advisers suggest the sales might complete inside six months.
Source Sunday Times
Value GBP 4,000m (value of Anglo American's 51% stake in Anglo Gold Ashanti (Sunday Times))
Anglo American has hired Goldman Sachs to sell its 51% stake in Anglo Gold, the report added. Due to the size of the stake, the preferred option is for a three-part share placing, the item said. The group has hired Citigroup to sell its 79% stake in Highveld Steel, the South African steel group, the item said. Tata Steel is interested in Highveld, the report added. Anglo American has yet to hire an adviser for the sale of Tarmac, the UK-based construction materials group. Shareholders, however, are likely to push for the sale of Tarmac after the initial sales, the article said.
The Oppenheimer family of South Africa are believed to be interested in selling their stake in Anglo Gold, the item said. Newmont Mining, the US-based mining group, and Barrick Gold, the Canadian gold miner, were mentioned in the report as potential bidders for the stake. Analysts cited by the report said the appointments of advisers suggest the sales might complete inside six months.
Source Sunday Times
Value GBP 4,000m (value of Anglo American's 51% stake in Anglo Gold Ashanti (Sunday Times))
Sunday, January 15, 2006
EU simplifying cross-border voting
IR magazine- a Cross Border publication: "EU simplifying cross-border voting "
Shareholder.com scooped up by the acquisitive stock market
Friday, January 13, 2006
BBC NEWS | Business | Japan broker costs his firm $4.4m
P&O: DP World bond issue indicates readiness to increase offer – report
Dubai Ports World (DPW) yesterday increased the amount of a bond issue, suggesting it might increase its bid for P&O, a Daily Telegraph report said. DPW said first it was looking to raise USD 2.5bn from the bond issue, which is being conducted by Barclays Capital.
However, sources close to the issue yesterday said that the amount to be raised has risen to USD 3.5bn following heavy demand for the bonds. DPW declined to comment, the report said.
The report said the bond issue is Shariat-compliant, as it pays interest only on maturity, rather than periodically. Ports, Customs and Free Zone Corporation, DPW's holding company, is the bond issuer, the newspaper said.
DPW submitted a GBP 3.3bn (EUR 4.8bn) offer for the listed UK ports operator in December, the report noted. On Tuesday (10 January), Port of Singapore Authority (PSA), the ports group owned by Temasek, approached P&O with a 470p a share offer. P&O’s share price rose 0.75p to 499.5p yesterday, in anticipation of a winning bid level of 500p per share, the item said.
Eton Park, the hedge fund, increased its shareholding in P&O from 2.47% to 3.94% via contracts for difference, the item said.
P&O’s market capitalisation stands at GBP 3.72bn (EUR 5.43bn).
However, sources close to the issue yesterday said that the amount to be raised has risen to USD 3.5bn following heavy demand for the bonds. DPW declined to comment, the report said.
The report said the bond issue is Shariat-compliant, as it pays interest only on maturity, rather than periodically. Ports, Customs and Free Zone Corporation, DPW's holding company, is the bond issuer, the newspaper said.
DPW submitted a GBP 3.3bn (EUR 4.8bn) offer for the listed UK ports operator in December, the report noted. On Tuesday (10 January), Port of Singapore Authority (PSA), the ports group owned by Temasek, approached P&O with a 470p a share offer. P&O’s share price rose 0.75p to 499.5p yesterday, in anticipation of a winning bid level of 500p per share, the item said.
Eton Park, the hedge fund, increased its shareholding in P&O from 2.47% to 3.94% via contracts for difference, the item said.
P&O’s market capitalisation stands at GBP 3.72bn (EUR 5.43bn).
Commission proposals to make it easier for shareholders to exercise their rights within the EU
Gazprom Joins World's Top 10 by Market Value
QinetiQ mugging treats small investors as 'grannies'
Telegraph | Money | Private investors shut out in Labour's first flotation
Thursday, January 12, 2006
Kommersant: Russia's Stocks Show Terminated Growth
Bowman takes over at Scottish Power
Source: Comstar Price to Be Set This Month
Friday, January 06, 2006
06 December - Commissioner Glassman outlines US approach to corporate governance
NTL Enhances Senior Management Team, Advances Combination With Telewest
NTL-Telewest merger flip could cost BBC £100m
Wednesday, January 04, 2006
China may remove limits on foreign investment in domnestic commercial banks
China may remove limits on foreign investment in domnestic commercial banks as early as after the lunar new year, the International Finance News reported. The newspaper said that the China Banking Regulatory Commission (CBRC) plans to amend its policy on foreign holdings in China's commercial banks, paving the way for the opening of the financial sector in line with WTO commitments. The report added that HSBC may consider raising its stake in China's Bank of Communications above 20 pct once the rule change is in force. HSBC paid 14.46 bln yuan for a 19.9 pct stake in the Bank of Communications in August 2004. China's Ministry of Finance is the bank's largest shareholder with a 22.2 pct stake. Current regulations limit foreign stakes in local banks to 20 pct for a single investor, and 25 pct for all foreign investors. A Citigroup led consortium, however, is expected to gain formal approval for its nearly three bln usd bid for an 85 pct stake in China's Guangdong Development Bank. The report said this reflected the government's effort to attract foreign players to participate in China's financial reform. (1 usd = 8.1 yuan) zachary.wei@xinhuafinance.com wzy/gf/tr
Monday, January 02, 2006
02/01/2006 Standard Life CEO believes takeover unlikely; IPO expected this summer
Story Standard Life’s chief executive Sandy Crombie believes the mutual-insurance business is unlikely to be taken over, according to a report in the Guardian. Quoting Crombie directly, the article noted that he also stated his belief that the Edinburgh-based group would float. This is expected to happen in the summer, the report said, adding that the transaction could value the business at as much as GBP 6bn (EUR 9bn).
Source The Guardian
Value GBP 6,000m (Estimated value post-flotation)
Source The Guardian
Value GBP 6,000m (Estimated value post-flotation)
