Inter RAO to Become Circle

Holding structures together with Rosneftegaz can collect almost 70% of its shares.
17.05.2018
Kommersant
Origin source
Inter RAO or its friendly structures can complete the consolidation of the share capital of the state holding in the summer: 23.5% of shares will be bought from FGC and RusHydro. This, according to analysts, will have to spend up to 100 billion rubles., But these funds the company has. As a result, the key shareholder of Rosneft, Rosneftegaz and Inter RAO itself, will strengthen their informal control over the state holding, while FGC and RusHydro will receive funds for their investment projects.

The Federal Grid Company (FGC, owned by Rossetyam, manages trunk grids) initiated negotiations with Inter RAO to sell its stake in the holding (18.57%), sources familiar with the discussion told Kommersant. One of them claims that FGC has decided to withdraw from the asset on the wave of growth of quotations of "Inter RAO".

Control over the state holding is now diluted, it is held by Inter RAO Capital with a quasi-treasury stake of 18.4% and Rosneftegaz - from 27.63%. The boards of directors of Inter RAO and Rosneftegaz are headed by the head of Rosneft Igor Sechin. Another 4.92% of RusHydro, free-float - 30.52% (in this case, according to Kommersant sources, up to 12% of shares were collected pension funds of MC Leader, it may be about NPF Gazfond ). To receive comments "Leader" failed.

On May 10, Kommersant reported that RusHydro could also withdraw from Inter RAO's capital, which is negotiating the sale of Inter RAO Capital's stake (preliminary agreements reached at the end of March). The transaction price, according to "Kommersant", will be below the market: 17.172 billion rubles. (3,3463 rubles per share), the discount to the price at that time was 8.8% (on May 16, the paper was worth 3.98 rubles on the exchange). The conditions provide for an installment payment for 18 months with equal quarterly payments and an annual lock-up for the sale and pledge of the purchased shares.

RusHydro does not comment on the topic, but, according to the Kommersant source, the company considers the configuration to be more profitable than the sale of shares on the market. According to him, RusHydro seeks to sell the shares by the end of May, expecting the price to decrease after the shareholders register is closed for dividends (June 1). Another interlocutor of Kommersant asserts that the deal will not be closed in these terms, it is likely to happen by the end of June. The transaction is needed by RusHydro to compensate for the CAPEX construction of four TPPs in the Far East (the 4x4 program, 118.4 billion rubles).

The contours of the deal with FGC are less clear. The market value of its package is about 76.6 billion rubles. The deal could go with a discount, but in the case of FGC it will be higher because of the size of the package - "plus 3% to the discount for RusHydro," says one of Kommersant sources. He specified that, most likely, FGC will sell the securities in two stages, the deal is planned to be closed by the end of June - the beginning of July. But the parameters of both transactions can change, he said. Dmitriy Medvedev's representative, Natalia Timakova, redirected Kommersant to the Ministry of Energy, they said that "this is a matter for individual JSCs." In the apparatus of the. Vice-Premier Arkady Dvorkovich was sent to Kommersant. First Deputy Prime Minister Igor Shuvalov, but they did not answer. In the office of Deputy Prime Minister Dmitry Kozak (will supervise the industry in the new government) said that this is not their question.

Vladimir Sklyar of VTB Capital believes that the sale of the package of FGC is logical: in Russia the combination of network business and generation is prohibited. In addition, in the light of plans for the digitization of networks (investments of 1.5 trillion rubles to 2030), FGC can use the money to finance the program.

But the deal chain does not imply an increase in Inter RAO Capital's stake above 30%, which would force an offer to redeem shares from other shareholders, one of Kommersant's sources said. "A complex sale scheme is being developed. Part of the shares will be bought by Inter RAO Capital, a part by an outside company that will later become part of Inter RAO's structure, he says. Kommersant sources said earlier that after buying shares from RusHydro, Inter RAO could pay off the quasi-treasury package, which would increase Rosneftegaz's stake in Inter RAO to 36.08%, but would get rid of the offer. In Inter RAO, this option was denied, saying that the package is intended for a foreign investor. Now, Inter RAO refused to comment. In FGC reported that the sale of shares need a government decision, but the company does not know about this.

Vladimir Sklyar notes that Inter RAO has finally found application for the current monetary position of 143 billion rubles: 90-100 billion rubles can be spent on redemption of shares, and own shares are the most attractive investment in the market. He noted that before investors did not dare to buy shares of the company, not understanding the direction of using the cache. But the size of the dividend is likely to remain unchanged, the analyst said, noting that the horizon costs on the modernization program for TPPs.

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