RMG - Gazprom to guess again on oblgazes, Mar 7, 2013.
Purchase prices are still unknown and will be determined on the basis of independent appraisal. Source cited by Interfax said the prices cannot be lower than purchase prices by RNG in 2008 (see table below).
However the goverment order says nothing about this requirement. What it really says is that the deal prices should not be lower than prices based on independent assessment.
If Gazprom decides consolidation of stakes on one legal entity then minorities in these companies may face a buyout offer. However one cannot rule out that stakes will be acquired by different subsidiaries of Gazprom.
We note that most valuations dated 2008 are much higher than current market prices, but there is also high possibility that they will be eventually revised (likely downwards).
Rye, Man & Gor Securities
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|Publication:||Russian Banks and Brokers Reports|
|Date:||Mar 7, 2013|
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