Megafon hopes to clarify deal details in days October 10, 2012 ADVISERS to Megafon, the Russian mobile phone operator intending to float in London and Moscow, said it would clarify the intentions of its controlling shareholder Alisher Usmanov in the next few days after concerns there might be corporate governance issues. The group, which published its intention to float statement earlier this week, was rocked by [...]
Russia’s MD Medical float is fully covered October 10, 2012 ORDER books are covered on the $300m London listing of Russia’s MD Medical Group (MDMG), according to three sources close to the deal. The offering includes $150m of global depositary receipts (GDRs) to raise money to fund the expansion of the company’s clinic and hospital network, as well as £148m of existing shares being sold [...]
Goldman Sachs is a no-show on Megafon float October 9, 2012 GOLDMAN Sachs was yesterday desperately trying to douse the flames of an argument that threatens to jeopardise its business in Russia after stepping back from the London flotation of Megafon. Bankers were yesterday caught on the hop by news that Goldman Sachs, which had been effectively in the driving seat in the run-up to the [...]
Oligarchs could float TNK-BP if bid for BP stake is successful October 9, 2012 RUSSIAN conglomerate AAR is considering floating off part of TNK-BP if it buys out BP’s stake. It comes after AAR, controlled by four Russian billionaires, yesterday said it was considering disposing of its 50 per cent stake in the Russian oil company. It is understood that AAR’s notification to sell its stake is a way [...]
FTSE 100 lower on weak corporate news October 8, 2012 The blue chip index was firmly lower in early trade, as worries over the health of the global economy pulled stocks down. Weaker resources prices and concerns ahead of a meeting of EU finance ministers to launch the latest bailout fund weighed on sentiment. Materials firm Cookson Group and recruiter Michael Page led the index [...]
Mark Rothko painting defaced at the Tate Modern art gallery October 7, 2012 A MULTI-MILLION painting by Modernist artist Mark Rothko was defaced by a visitor to the Tate Modern museum yesterday. The gallery said a man had inscribed a message using black paint in the corner of the 1958 canvass Black on Maroon shortly before 3.30pm before quickly leaving the room. An investigation is currently underway. The [...]
FTSE 100 boosted by mining shares October 5, 2012 The blue chip index opened up this morning, boosted by headline mining shares as investors adopted a ‘risk-on’ attitude. Outside of the miners, insurer CPP Group topped the leaderboard in early trading, while brewer Fuller, Smith & Turner jumped more than four per cent. Russian oil company Ruspetro soared 3.85 per cent in early deals, [...]
AAR eyes entire TNK-BP stake as talks persist October 4, 2012 GERMAN Khan, director of Russian oil company TNK-BP, said yesterday that his consortium AAR will make a “competitive” offer for BP’s 50 per cent stake in TNK-BP. Khan said AAR, which already owns 50 per cent of TNK-BP, has been organising funding for the sale of the stake. It will make an offer by 17 [...]
Evraz buys stake in Russian firm October 4, 2012 Russian steelmaker Evraz yesterday announced it has bought a controlling stake in Raspadskaya, Russia’s largest coking coal firm. London-listed Evraz has bought a further 50 per cent interest in Corber, from Adroliv Investments Limited, which holds an 82 per cent interest in Raspadskaya. The remaining 18 per cent of Raspadskaya’s shares will remain listed on [...]
What the other papers say this morning October 3, 2012 FINANCIAL TIMES End to Russian petrodollar surplus Russia’s petrodollar surplus is poised to vanish as early as 2015 as import revenues overtake those from oil exports, according to its central bank. The forecast is the first official acknowledgment that the economic model which has characterised Vladimir Putin’s leadership – a country buttressed by oil money [...]