GAZPROM has dropped a plan to sell a third of shares in GAZPROBANK to foreigners. The company has sought out a strategic investor within the group. Last December, GAZPROMBANK said the German DRESDNER BANK would buy up its additional share issue, worth at least R23.2 billion, for 50% of its stock capital. The latest shareholders meeting approved the issue, but cited GAZFOND as the issue’s buyer. The fund is financing more than just GAZPROM pension programs. GAZPROM is among its co-founders, while GAZFOND itself held about 3.2% in the gas concern at the start of the year. GAZPROMBANK is also being cited among GAZFOND co-founders. «We have found a more generous customer», GAZPROMBANK deputy CEO Alexander Sobol stated while justifying the derailment of the deal with the Germans. GAZFOND will pay about R34.6b (roughly $1.3b) for one third in the bank, up 50% on DRESDNER’s bid. The deal may have been terminated because GAZPROMBANK holds strategic assets, including key media assets, of over 42% in the United Heavy Machinery holding company, 6.6% in MOSENERGO and over 51% in ATOMSTROIEXPORT.
Source: VEDOMOSTI, June 29, 2006
