Friday, November 10, 2006
Interros interested in taking a stake in SG, but no talks on the matter; Rosbank could see IPO once SG takes control
Interros interested in taking a stake in SG, but no talks on the matter; Rosbank could see IPO once SG takes control
Story Russian holding Interros has officially announced that it wants to become a shareholder in listed French bank Societe Generale (SG), according to SG director general Daniel Bouton. In the lengthy interview to Vedomosti, he said that SG supports the idea, but there is no specific agreement between the parties. Being a public company, SG is opened to any investor, Bouton said. Should Interros decide to take SG shares, it could either negotiate the deal with SG, or purchase shares from the market. According to Bouton, the current value of 1% in SG is about USD 800.
Bouton also confirmed that SG will increase its stake in Russian bank Rosbank to the controlling one. SG, which owns 10% in Rosbank, last September acquired another 10% from Interros, Vedomosti reported. SG has also an option to take further 30% in the bank. The exercising of the option will allow SG to take control over Rosbank, which in total will cost USD 2.3bn, Vedomosti wrote. Once SG controls Rosbank and the bank's development comes to SG’s expectations, Rosbank could be offered via an IPO, Bouton also said.
Source Vedomosti
Story Russian holding Interros has officially announced that it wants to become a shareholder in listed French bank Societe Generale (SG), according to SG director general Daniel Bouton. In the lengthy interview to Vedomosti, he said that SG supports the idea, but there is no specific agreement between the parties. Being a public company, SG is opened to any investor, Bouton said. Should Interros decide to take SG shares, it could either negotiate the deal with SG, or purchase shares from the market. According to Bouton, the current value of 1% in SG is about USD 800.
Bouton also confirmed that SG will increase its stake in Russian bank Rosbank to the controlling one. SG, which owns 10% in Rosbank, last September acquired another 10% from Interros, Vedomosti reported. SG has also an option to take further 30% in the bank. The exercising of the option will allow SG to take control over Rosbank, which in total will cost USD 2.3bn, Vedomosti wrote. Once SG controls Rosbank and the bank's development comes to SG’s expectations, Rosbank could be offered via an IPO, Bouton also said.
Source Vedomosti
