For one

Deputy Prime Minister Arkady Dvorkovich said in his interview to “Vedomosti”: “If I were forced to choose between all projects and offers of “Rosneftegaz” (as an investor in energy companies – “Vedomosti”), I would put “Inter RAO” first”.

A.Dvorkovich submitted the suggestions on consolidation within “Rosneftegaz” of the direct and indirect state-owned stock of “Inter RAO” to the President Vladimir Putin last week, the representative of the Deputy Prime Minister declared to “Vedomosti”. Two sources close to a shareholder of “Inter RAO” inform that the procedures are planned for 2013-2015, the share of 14,8% owned by the Federal Agency on Managing the State Property (Rosimuschestvo) is the first in the line. After that, the stock owned by “Rusgidro” (5,3%), by the Federal Network Company (19,95%) and “Rosatom” (13,4%) will be assigned to “Rosneftegaz”. By 2015, “Rosneftegaz” will own the total of 53,5% of “Inter RAO”. The shares will be sold or assigned to trust management, according to the representative. One of the interlocutors is aware of the plans of purchase of the shares of “Rosimuschestvo” and “Rusgidro”. Another source close to a shareholder of “Inter RAO”, informs that there is yet no evaluation of “Inter RAO” for the consolidation of the state-owned stock.

The spokesman of “Rosimuschestvo” said that the matter was discussed with the Agency, but no final decision has yet been taken. Dmitry Peskov, spokesman of the President, claimed that he was unaware of A.Dvorkovich’s suggestions. Representatives of “Rosneftegaz” and “Inter RAO” refused comments.

53,5% of “Inter RAO” at the Moscow Stock Exchange were worth 155,9 billion roubles yesterday. Currently “Rosneftegaz” has 110 billion roubles at its accounts (not counting 50 billion roubles payable to the budget as dividends), which means that there are sufficient funds for the purchase, Mikhail Rasstrigin, an analyst of “VTB Kapital”, believes.

According to Arthur Rokhlin, Partner of the Law Firm "YUST", the sale of state-owned stock of “Inter RAO” belonging to “Rusgidro”, the FNC and “Rosneftegaz” is a transaction with interest, and if the value of that stock exceeds 2% of the balance value of the sellers, it will require approval by the general shareholders’ meeting, with only minority shareholders entitled to vote. A.Rokhlin pointed out that the decision on assignment to trust management may be taken by the company management.

“Rusgidro”–owned stock of “Inter RAO” was valued at 15,4 billion roubles at the Moscow Stock Exchange yesterday – which is more than 2% of the balance value of the generating company (as of September 30). And the stock belonging to the FNC was valued at 58,2 billion roubles, which is over 2 times more than the balance value of the network company. The representative of “Rusgidro” said that corporate procedures on the transaction will depend on the valuation of the stock. According to the representative of “Rosatom”, complete withdrawal from the capital of “Inter RAO” will require a meeting of the Supervisory Council. The FNC’s representative abstained from answering the questions.

Full text of the publication is available at the printed version of “Vedomosti” dated 04.12.2012 No. 230 (3244).