Mikhail Prokhorov will sell 12% of UC Rusal for $700 million

The package will be bought by the co-owner of the company, Sual Partners owned by Viktor Vekselberg and Leonard Blavatnik.
"We want to increase its stake [in UC Rusal]. This is reasonable, it is natural. We are in this company from the very beginning. We believe in this company. We see its great potential ", - said yesterday, 26 October, Vekselberg TV channel" Russia 24 ". He added that the deal will be closed soon.

"Vedomosti" found out the details. Approximately 12% of the existing 17% stake in UC Rusal «Onexim" will receive about $ 700 million, said three sources close to the opposite sides of the impending deal. Thus, Sual Partners share will increase from 15.8 to 27.8%.

The deal could be closed by the end of November, said a source close to one of UC Rusal shareholders. Funds to purchase the package will provide VTB and Sberbank, but the size of the loan has not yet been determined, he added. Earlier, the interlocutors "Vedomosti" told that Sberbank has already approved funding for Sual Partners for $ 350 million. But the fact that as a result of the Savings Bank will participate in the deal, said a source close to Sberbank. Until recently, "Onexim" package has been laid on the repo transaction, VTB, but on Wednesday the bank reported that the size of the package will be reduced from 17.02 to 13.16%.

Representatives Sual Partners, «Onexim & raquo ;, Sberbank and VTB declined to comment. The representative of En + Oleg Deripaska (controls 48,13% UC Rusal) the questions are not answered.

Price of $ 700 million for 12% of a premium to the current market price of 17.3%. If the aluminum, which is now trading near $ 1,600 per 1 m (about 6% below the yearly highs), will start to go up, then UC Rusal may cost more and then we can not say that this is a very nice bonus, says the manager of the investment fund, to invest, including in paper steel companies.

But while the special prerequisites for the growth of metal prices is not - in China it is still an excess, the source said.

At the same time, "Onexim," time to get from UC Rusal $ 42,55 million dividend - the second in nearly six years. October 25 lenders were allowed to UC Rusal to pay $ 250 million interim dividend. Registry closed on 3 October. Payments will be completed on 31 October. The same amount - $ 42.55 million - "Onexim" received by UC Rusal and in 2015

"Onexim" became a shareholder in UC Rusal in 2008. Then, Mikhail Prokhorov and Vladimir Potanin, shared business, including the "Norilsk Nickel". "Onexim" for a blocking stake "Norilsk Nickel" will receivel $ 4.5 billion and a 14% stake in UC Rusal. The rest of the payment - $ 2.7 billion - because of the crisis had to be restructured. Then the "Onexim" has received another 6% UC Rusal, in his favor were also issued bonds for $ 880 million, $ 275 million Group received cash.

"Onexim" started looking for a buyer for the stake in UC Rusal since the beginning of June at the head office of the FSB raided. Later, the FSB said that this is due to the Bank "Taurian", which is controlled by sanitizes "ONEKSIM" IFC. But sources close to "Onexim" owner Prokhorov and federal officials told us that the searches - an act of intimidation: the Kremlin was dissatisfied with the editorial policy of belonging "ONEKSIM" media holding RBC. After that, "Vedomosti" sources reported that Prokhorov is going to sell Russian assets. Make fact-based negotiations conclude, "the sale of all assets in Russia" is incorrect. There are no "decisions on this issue we have not taken" - so reacted to this information, the general director of "Onexim" Dmitry Razumov. Nevertheless, in July, "Onexim" has sold 20%shares of "BRIC" the Belarusian businessman Dmitry Lobyaku. The transaction amount was not disclosed.

Sual Partners buys 12% UC Rusal, to preserve the shareholders' agreement. According to it, the share of "Onexim" should not be reduced below 5%. In addition, this package allows him to nominate the board of directors of "Norilsk Nickel" one candidate, which UC Rusal will be obliged to conduct. Until the summer of 2010 such a candidate was reasonable. After representatives of the "Onexim" the council were not elected. In addition, the purchase of the entire share to Sual Partners has led to the need to make an offer to the remaining shareholders of UC Rusal. In the case of purchase of 12% is required.