Banks extend Rusal covenant October 30, 2012 ■ Russian aluminium producer Rusal, controlled by billionaire Oleg Deripaska, has extended a waiver from its banks to the end of 2013 to meet its financial covenants on a $4.75bn (£2.95bn) syndicated loan, as it battles falling prices and higher debt. In March, it agreed a 12-month holiday on the financial conditions, and has now [...]
Virgin Atlantic pushes back over easyJet’s exclusive Moscow deal October 28, 2012 VIRGIN Atlantic boss Steve Ridgway hopes to contest a decision to award easyJet a licence to fly to Moscow, calling the situation “bizarre”. The airline is combing through last week’s decision by the Civil Aviation Authority to allow easyJet to operate services to the city, under an arrangement with Russia that allows just two carriers [...]
Work up a sweat and prepare for a challenge in this Egyptian paradise October 28, 2012 REMEMBER that week back in August, the one just after the Olympics when it wasn’t dark by 5pm? The Eurozone crisis had gone on its summer holidays and the whole of London — starry eyed with Team GB’s success — was convinced that being an Olympian was the best job ever. I do. Partly because [...]
London looks to Africa to bolster flotation activity October 25, 2012 With all the nervousness about governance issues at Russian companies wishing to list their shares in London, and with Nat Rothschild’s London-listed Indonesian venture Bumi seemingly ending in tears, now is perhaps not the best time for the London Stock Exchange to be hosting a conference about the opportunities in Africa for investors. In theory [...]
Who’s switching jobs October 25, 2012 McCarthy & Stone The construction firm has appointed Mark Elliott as its new chief executive. He previously worked for Arena Leisure, the hotel and race course operator, where he oversaw its merger with Northern Racing in March 2012. Elliott was also formerly chief executive of Wembley. Otkritie The Russian financial services firm has appointed Ruben [...]
BP ponders a share buyback as new partner Rosneft hails $3bn benefits of Russian tie-up October 23, 2012 KREMLIN-controlled Rosneft chief Igor Sechin yesterday said that its takeover of TNK-BP could yield up to $5bn (£3bn) in synergy savings, largely on projects in north and eastern Russia. Synergies from the optimisation of current upstream, refining and marketing projects of both gas and oil could benefit the state-controlled energy producer to the tune of [...]
BP banks on Rosneft with $27bn tie-up October 22, 2012 BRITISH oil giant BP yesterday agreed to sell out of its Russian joint venture in a deal that will net the firm just over $12bn (£7.5bn) – and a seat at the table of Russia’s newest superpower. After weeks of negotiations, BP yesterday announced it will sell its 50 per cent stake in TNK-BP to [...]
Dudley gets back his seat at the table October 22, 2012 JUST over four years ago, Bob Dudley left Russia in something of a hurry. Then boss of the firm’s TNK-BP tie-up with AAR – the consortium of oligarchs who yesterday agreed to sell out to Rosneft – Dudley spent the next five months attempting to run the joint venture from a secret location, as the [...]
Advisers BP’s tie-up with Rosneft October 22, 2012 A whole host of investment banks have been involved with the sale of BP’s stake in TNK-BP. Bank of America Merrill Lynch is a financial adviser to Rosneft, with Craig Kennedy, vice chairman of global energy and power at BAML, acting at the lead on the deal from BAML. He has been involved with the [...]
MegaFon holds back its London market listing October 22, 2012 RUSSIAN telecoms firm MegaFon yesterday postponed its London-Moscow listing, striking another blow to hopes that a flood of firms from the country could kick-start the sluggish initial public offering market in the City. The group hopes to raise $2bn (£1.25bn) from the sale of up to 20 per cent of its stock, listing global depository [...]