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Deloitte proposal document A4

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Industry updates
Survival of the fittest
22-28 June
2009
Contents
Financial Services
VTB Bank and Gazprombank to form joint venture with State Treasury
Bank and Petroleos de Venezuela
1
Consumer Business
Tervolina to sell control to the head of MDM bank
Seventh Continent enters technical default on RUB 7 billion bond
Alfa Group acquires control of Sunrise
2
2
2
3
Manufacturing
AvtoVAZ has approved RUB 25 billion loan from Rostekhnologii
Ford to suspend production in Vsevolozhsk
Kazanorgsintez prolongs RUB 665 million Sberbank loans
Sberbank lends to Chelyabinsk Forge-and-Press Plant
4
4
4
4
4
Metals & Mining
Potanin seeks RUSAL’s stake in Norilsk Nickel
5
5
Transportation
Aeroflot Cargo declares bankruptcy
6
6
Technology, Media and Telecommunications
Customs tightens grip on phones
Telenor ready for VimpelCom Kyivstar merger
Svyazinvest aiming to challenge the Big 3
7
7
7
7
Energy & Resources
Total to develop a gas field with Novatek
8
8
1
Financial Services
VTB Bank and Gazprombank to form joint venture with
State Treasury Bank and Petroleos de Venezuela
Russia's VTB Bank JSC and Gazprombank CJSC have signed an agreement
to establish a joint bank with Venezuela's State Treasury Bank (National
Treasury) and Petroleos de Venezuela S.A. The Russian partners will have a
51% stake in the bank. The bank will finance joint investment projects,
especially in energy and transport industries.
VTB Bank is a provider of retail banking products and services, while
Gazprombank is a full-service financial institution providing a range of
banking, financial, and investment products. Petroleos de Venezuela is
engaged in the exploration, production, refining, and export oil and natural
gas.
1
Industry updates Survival of the fittest
Consumer Business
Tervolina to sell control to the head of MDM bank
The chain’s value is estimated at USD 156 million.
The management of Tervolina, a Russian chain of footwear stores selling
Tervolina brand, has already announced the potential deal to its vendors, but
has not officially confirmed the negotiations on the sale of the stake. Igor
Kim, a shareholder of Moscow’s MDM Bank, is viewed as the main contender
to grab control of the shoe retailer.
The chain is comprised of about 150 footwear outlets, 70 of them located in
Moscow and the Moscow Region. Tervolina is not disclosing its 2008
revenue, but analysts estimate its earnings at USD 200million.
Seventh Continent enters technical default on RUB 7
billion bond
Russian retailer Seventh Continent has entered a technical default on its
second RUB 7 billion bond issue.
The retailer earlier offered bondholders a swap of bonds for a new 2-year
exchange bond issue. Seventh Continent offered to make the exchange on
Tuesday, when it was scheduled to make a buyback offer for the bonds, and
said that it would redeem 20% of its second bond issue at that time.
The company placed the new, RUB 5.8 billion exchange bonds on 19 June.
On Tuesday, Seventh Continent used a RUB 5.8 billion ruble loan from MDM
Bank, which is acting as an agent for the restructuring of the company’s
second bond issue, to buy back the new issue for subsequent transfer to
investors who agreed to the restructuring scheme.
However, the investors, holding slightly over RUR 1.9 billion of the
company’s second bond issue, opposed the restructuring scheme, thus
resulting in a technical default.
Seventh Continent plans to continue talks with investors until it faces a real
default, which may happen after 30 days under the Russian law.
2
Industry updates Survival of the fittest
Alfa Group acquires control of Sunrise
Alfa Group, a diversified Russian private group, has become the controlling
shareholder of Sunrise, a private Russian computer retail chain.
The previous owner of Sunrise, Sergey Bobylev, remains the company
shareholder and general director.
According to a manager of the company, earlier this spring, Sunrise had to
temporarily suspend its operations and commenced work again only in May.
Since autumn 2008, banks and Sunrise's suppliers have filed claims valued
at over RUB 700 million (USD 22.3 million) towards various companies in the
Sunrise group.
Established in 1992, Sunrise has computer stores in over 40 Russian cities.
Its largest creditor is Alfa Bank.
3
Industry updates Survival of the fittest
Manufacturing
AvtoVAZ has approved RUB 25 billion loan from
Rostekhnologii
An extraordinary general meeting of shareholders of Russia’s largest
carmaker AvtoVAZ has approved the withdrawal of an RUB 25 billion 1-year
interest-free loan from state-owned industrial conglomerate Rostekhnologii.
Earlier this June, Russian Prime Minister Vladimir Putin instructed the
government to disburse RUB 25 billion to Rostekhnologii in order to provide
financial aid to AvtoVAZ.
Ford to suspend production in Vsevolozhsk
As a result of unfavorable market conditions, U.S. carmaker Ford will
temporarily suspend production at its plant in the Russian city of
Vsevolozhsk. In response to drop in demand for its cars, the plant has
already switched to a four-day work week earlier this month. Furthermore,
the plant expects to shut down production from 20 July through 9 August due
to annual corporate holidays.
Kazanorgsintez prolongs RUB 665 million Sberbank loans
Kazanorgsintez, a Kazan chemical company, has been allowed to postpone
the payback of its RUB 665 million loans from Sberbank. The bank reportedly
prolonged a RUB 405 million line of credit opened in February 2008, and a
RUB 260 million line opened in December 2007. The repayment date has
been moved to November 2009.
Sberbank lends to Chelyabinsk Forge-and-Press Plant
Sberbank has issued a RUB 600 million 5-year loan to Chelyabinsk Forgeand-Press Plant. The proceeds from the loan will go towards repaying shortterm loans, incurred in the course of the plant's technical retooling campaign.
4
Industry updates Survival of the fittest
Metals & Mining
Potanin seeks RUSAL’s stake in Norilsk Nickel
Interros holding, owned by Vladimir Potanin, is looking to acquire the 25%
stake in metals giant Norilsk Nickel currently owned by aluminum producer
United Company RUSAL.. Interros could partner with fertilizer producer
Uralkali or SUEK. RUSAL’s stake in Norilsk Nickel is currently being held as
collateral for a USD 4.5 billion one-year loan taken out from
Vnesheconombank in October 2008. VEB is ready to prolong the loan until
October 2010. The market price of the 25% stake in Norilsk Nickel is
estimated at USD 4 billion.
.
5
Industry updates Survival of the fittest
Transportation
Aeroflot Cargo declares bankruptcy
The shareholders of Aeroflot have decided to declare the company’s cargo
subsidiary, Aeroflot Cargo, bankrupt. On 10 June, the board of directors of
Aeroflot recommended approving the start of bankruptcy procedures for
Aeroflot Cargo. The subsidiary suffered losses of USD 140 million, when it
ordered six McDonnell Douglas MD-11F airplanes and three cargo Boeing
737 aircrafts.
Aeroflot Don and Aeroflot Nord, the two remaining subsidiaries of Aeroflot,
,are nearing bankruptcy as well. If they fail to come up with a survival plan by
mid-July the company may commence insolvency procedures.
The government holds a controlling stake of 51% in Aeroflot. National
Reserve Corporation owns 28%.
6
Industry updates Survival of the fittest
Technology, Media and
Telecommunications
Customs tightens grip on phones
This week, the Federal Customs Service enforced additional regulations on
the import of cellular phones. The rules envisaged increased collection rates
to compensate for falling import volumes. However, the changes in
regulations have instead had an utterly paralyzing effect on customs
procedures. Requirements on the individual inspection of each handset and a
lack of resources to properly carry such a daunting task out have led to
hundreds of thousands of units stacking up in Moscow warehouses.
By Tuesday, more than 440,000 Nokia telephones worth as much as EUR 30
million (USD 42 million) had already piled up at the two posts. Thousands of
Samsung units have also been blocked entry. Sony Ericsson will have to pay
penalties to its customers for late deliveries and incur further losses due to
rent obligations for the temporary storage of its units.
Telenor ready for VimpelCom Kyivstar merger
Telenor is prepared to endorse an Alfa Group proposal to merge VimpelCom
and Ukraine's Kyivstar. The deal envisions Alfa's telecoms vehicle Altimo and
Norway's Telenor each receiving a 40% stake of the merged company, with
the additional shares going to various VimpelCom minority shareholders.
However, the deal may not materialize. Telenor has laid out a laundry list of
demands and will agree to a deal only after those are fulfilled.
Svyazinvest aiming to challenge the Big 3
Svyazinvest envisages its planned reorganization to make it a leading player
on the mobile communications market, currently dominated by three private
firms Mobile TeleSystems, VimpelCom and MegaFon. Svyazinvest has been
aiming to either gain control or merge with one of the national mobile
operators. It could also create a fourth mobile operator.
Svyazinvest is finalizing its restructuring strategy and a final decision on the
model for the new provider will be made this autumn. The state controls 75%
minus 1 share of the firm.
7
Industry updates Survival of the fittest
Energy & Resources
Total to develop a gas field with Novatek
Total SA secured its position as one of Moscow's most preferred energy
partners, after Russian Prime Minister Vladimir Putin gave his approval of the
deal between the French oil producer and OAO Novatek, Russia’s biggest
independent gas producer, to jointly develop a natural-gas field in Russia's
far north.
Total agreed to buy a 49% stake in Novatek’s Terneftegaz unit, which holds
the license to the Termo-Karstovoye field in the Yamalo-Nenets region.
Novatek will retain the remaining controlling stake of 51%. The deal is subject
to the approval of Russia's Federal Antimonopoly Service.
8
Industry updates Survival of the fittest
This report has been prepared by Deloitte CIS analysts based on materials
from mergermarket and publicly available sources. The information in this
publication is in a condensed form and is meant as a general overview only.
Deloitte CIS does not take responsibility for the accuracy or completeness of
the information summarized in this publication.
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of
member firms, each of which is a legally separate and independent entity. Please see
www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche
Tohmatsu and its Member Firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and
private clients spanning multiple industries. With a globally connected network of member
firms in 140 countries, Deloitte brings world class capabilities and deep local expertise to
help clients succeed wherever they operate. Deloitte's 150,000 professionals are
committed to becoming the standard of excellence.
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В© 2009 Deloitte & Touche Regional Consulting Services Limited. All rights reserved
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