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http://www.hydroworld.com/index/display/news_display.1350264942.html
Prime-Tass English-language Business Newswire
January 31, 2011
The shareholders of Russian hydropower monopoly RusHydro have purchased 1,037,303,801 additional shares, or 55.77% of the company's total additional share offering, having exercised their preemptive rights, RusHydro said in a statement Monday.
RusHydro said earlier it planned to publicly offer 1.86 billion additional shares with a face value of 1 ruble each. Shareholders were able to exercise their preemptive rights to buy the company's additional shares in proportion to their stakes in the company from December 10, 2010 through January 24.
The Russian government, which held 58% in RusHydro before the share offering, bought the company's additional shares worth 1.5 billion rubles, the power company said without providing the number of shares the government bought.
RusHydro said earlier it planned to use the funds raised in the share offering to finance its investment program and the restoration of the Baksanskaya hydropower plant, which is located in the constituent republic of Kabardino-Balkaria and was damaged in a terrorist attack in July 2010.
The charter capital of RusHydro amounted to 288,695,430,802 shares with a face value of 1 ruble each on September 30, 2010.
(29.6684 rubles - U.S. $1)
Copyright 2011 Prime-Tass Business News AgencyAll Rights Reserved
Prime-Tass English-language Business Newswire
Norilsk Nickel plans to increase output in 2011
http://www.miningreview.com/node/19054
Moscow, Russia --- MININGREVIEW.COM --- 01 February 2011 - Norilsk Nickel ‒ the world's biggest nickel and palladium producer ‒ has announced that it plans to raise its nickel output by up to 6% this year to a level of between 300 000 and 315 000t from 297 329t in 2010.
Revealing this is a statement issued here, the company said it expected to produce 240 000 to 245 000t of the metal at its Russian operations in 2011, and 60 000-70 000t at operations abroad.
It also planned to produce 380 000 to 390 000t of copper ‒ slightly down from the 388 872t it produced in 2010.
It expected its palladium output to be 2.850 to 2.870Moz, compared with 2.861Moz in 2010, with sister metal platinum output at 705 000 to720 000oz, up from 693 000oz last year.
Ukraine concentration plant sees jump in output
http://af.reuters.com/article/metalsNews/idAFLDE7100C420110201
Tue Feb 1, 2011 9:07am GMT
KIEV Feb 1 (Reuters) - Ukrainian large iron ore concentration plant Yuzhny GOK plans to boost output by 12.5 percent in 2011 after a sharp increase in investment, the company said on Tuesday. Yuzhny GOK, located in Kryvy Rih in central Ukraine, plans to produce 10.1 million tonnes of concentrate, the raw material for steel production, this year against 8.98 million in 2010.
The plant, majority-owned by Russia's Evraz Group (HK1q.L) and Ukrainian Smart Holding, said it would invest $104 million in 2011, compared with $47 million in 2010. (Writing by Pavel Polityuk; editing by Jane Baird)
Acron files claim to block merger between Uralkali and Silvinit
http://www.bne.eu/dispatch_text14117
Alfa Bank
February 1, 2011
Acron has filed a claim with the Perm Arbitration Court opposing Silvinit's board decision to merge with Uralkali, which was approved on December 20, 2010. Acron is not happy with the terms of the merger and believes Silvinit's valuation is too low. Therefore the company is trying to block the deal to secure better buy-out conditions or a better swap ratio.
It is hard to estimate whether Acron will succeed in court; however, the risk that the deal will be blocked by Silvinit minorities exists. For the merger to be approved, at least 75% of all shareholders of both companies participating in the EGM scheduled for February 4 are required to vote for the deal. Acron's stake of 8.1% Silvinit Ords and all Silvinit prefs amount to 33.1%, which could be enough to block the merger. We think this risk is low, as the historical quorum of general meetings is far below 100%. However, in this situation we view Silvinit prefs as good low-risk investment tactics, as they have limited downside risk. If the deal is approved, Silvinit prefs will still provide a cheaper entry to the combined Uralkali, as Uralkali's share price based on the swap ratio is 5% below URKA's current price. If the deal is blocked, it will be a strong driver for these stocks, but negative for Uralkali and Silvinit Ords.
Georgy Ivanin
Sberbank's Acquisition of Troika Dialog Could be Announced This Week
http://www.bne.eu/dispatch_text14117
Aton
February 1, 2011
According to Kommersant today (1 Feb), which cited Interfax, Sberbank's supervisory board plans to approve the deal to acquire Troika Dialog on 25 Feb. According to the article, the deal may be officially announced during the Russia_2011 Forum, which will be held on 2_4 Feb. Members of the supervisory board have refused to comment on the matter.
Previously, it was announced that the deal had been agreed in principal between German Gref and Ruben Vardanian in Dec 2010 and that the supervisory board would approve the details and conditions. According to Kommersant, a price of about $1.2bn was discussed, which corresponds to 1.5x BV at YE09, the article says.
The deal is reportedly planned to be implemented in two phases. The first phase would involve the purchase of a blocking stake, with the option that managers would stay in their roles for two years so that clients would not suffer from a shareholder change in the company. Also according to Kommersant, during the first phase, the shares would be bought from Standard Bank Group Limited (which owns 36.427% of the stock). During the second phase, the remainder of the shares (a partnership of 130 Troika Dialog managers, headed by Ruben Vardanian, own 63.573% of the shares) would be purchased.
Bottom line
On the one hand, an IB business could prove profitable and value_accretive for Sberbank in the long run. The process could be difficult, though, as Sberbank will need to adopt a new business model which is totally different from its traditional commercial banking business. If the deal takes place at 1.5x BV, we consider it acceptable, as two years ago (during the crisis), the deal between Troika and Standard Bank was conducted at 1.3x BV. In any case, we expect the process will take considerable time and effort.
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