Russian oligarch Deripaska to get MAZ
18
8:42, — Politics
The Belarusian authorities are ready to accept an offer of OAO Russkie Mashiny of Oleg Deripaska on integration of Minsk automobile plant (MAZ) and Ural plant.
However, the authorities do not want the Russian businessman to control MAZ, instead of it the authorities will bring assets in the joint venture, creating on a parity basis, Russian newspaper Kommersant reported.
Interfax referring to a source, close to the Belarusian authorities, said yesterday the country was ready to accept the offer of OAO Russkie Mashiny on MAZ and Ural plant integration. The parties intend to create a new company that will combine their assets - the International Finance Industrial Union (IFIU). After MAZ corporization, the Belarusian party is to bring its 100 per cent stock in the IFIU, and Russkie Mashiny is to bring in Ural’s 100 per cent stock. The partners will acquire 40 and 35 per cent stake in the joint venture respectively. The rest 25 per cent stake in the IFIU will be proposed to the international investment bank, which will finance the plants. It’s not excluded that IFIU stock will be introduced on the stock exchange and the bank will act as a financial consultant in this case.
The partners are to create an asset management, registered in Minsk. It will be responsible for development of manufacturing facilities of MAZ and Ural, creating a joint service and sales network, engineering and centralised car components purchasing.
Official representatives of Russkie MAshiny and the Belarusian authorities refused to give comments yesterday. But prime minister of Belarus Syarhei Sidorski said on last Friday the negotiations were “close to completion.” According to sources of Kommersant, Alyaksandr Lukashenka may have a meeting with Oleg Deripaska this Saturday and discuss MAZ destiny with him. The previous meeting took place two weeks ago, Alyaksandr Lukashenka said to Oleg Deripaska he thought “the possible cooperation might be successful.”
According to Kommersant’s sources close to the negotiation of Russkie Mashiny and Belarus, a variant of a joint venture was chosen because the country doesn’t want to give control over MAZ. It was among the reasons, why KamAZ stopped the similar talks. It suggested MAZ become its subsidiary in exchange for its minority stake.
If MAZ and Ural unite, the plants will successfully expand their products lines, experts from Ernst & Young note. Ural specialises in heavy-duty trucks manufacturing, while MAZ’s specialisation is heavy trucks. A segment of heavy trucks is the most rapid-growing on the Russian market (it grew by 32.5 per cent in 2007). Even after MAZ and Ural merger, KamAZ will remain the biggest in CIS producer of this segment: it produced 50 thousand trucks in 2007, while MAZ and Ural together – 35 thousand.
Mikhail Lyamin, analyst of the Bank of Moscow, estimates the incorporated company at USD 3.5-3.7 billion, from which MAZ will have USD 1.5 billion, and Ural – USD 1-1.1 billion, and the rest will be the investment bank’s share. Mikhail Pak from Financial Group "IFD Kapital" thinks Oleg Deripaska hopes to buy out the banks’ stake in the joint company.
Write your comment (18)
Bookmarks
