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#Gazprombank sells 15% in Russia’s VSMPO-Avisma to management

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February 27 2014

Gazprombank sells its 15% in VSMPO-Avisma to the Company’s management headed by Mikhail Shelkov and Mikhail Voevodin, informs Kommersant on Thursday.


The information was provided by the sources that are close to VSMPOs shareholders.  Mikhail Voevodin, co-owner and Chief Executive Officer of VSMPO-AVISMA Corporation, and Andrei Zokin, Vice President of Gazprombank, also confirmed this information. Mr. Zokin pointed out that the bank has reached the target return level planned when they were entering into a transaction, and the package transaction price has exceeded the current market quotations.


In 2012 GPB was systematically increasing its share in VSMPO-Avisma. In November of the same year Rostec State Corporation owning 70,42% of VSMPO’s shares, announced about selling of 45,42% of VSMPO’s shares to JV of the management team and Gazprombank at USD 965-970 mln.


As a result, CJSC Business Allians Company that represents the interests of VSMPOs management and GPB aquired 50% plus one share of the company; blocking stake 25% plus one share is still owned by Rostec. And the situation in Business Allians Company itself is as follows: 75% plus one share is owned by the management, and 25% minus one share – by Gazprombank. Kommersant sources informed that the bank is to sell this share as well, at a “token amount”.


Mikhail Voevodin noted that the credit for share acquisition from Gazprombank was provided by Sberbank, which also acts as a financial adviser. Buy-back option is not required for minority shareholders, added top manager, however, the majority ones will be glad to acquire the stocks.


VSMPO-AVISMA Corporation is the world’s largest manufacturer of titanium products for mainly aerospace industry. The major part of the products is exported.