Promsvyazbank confirms plans for London float September 24, 2012 PROMSVYAZBANK (PSB), one of Russia’s largest privately owned lenders, said yesterday it will proceed with its long-awaited initial public offering (IPO), aiming to strengthen its capital and better position itself to compete with state-owned banks. PSB is seeking to capitalise on positive investor sentiment towards Russian banks, powered by market leader Sberbank’s partial privatisation last [...]
Promsvyazbank unveils plans for London-Moscow listing September 24, 2012 Russian lender Promsvyazbank said this morning it is proceeding with a dual London-Moscow initial public offering, becoming the latest Russian company to tap the London markets for funding. It is understood the IPO is hoping to raise up to $500m (£308m). The IPO follows news that Russia’s top lender Sberbank raised just over $5bn by [...]
Russian bank targets $500m in London float September 23, 2012 ADVISERS to Promsvyazbank, one of Russia’s largest privately owned banks, will today start pre-marketing a planned initial public offering in London aimed at raising up to $500m (£307m), two sources close to the placement said. The bank asked Russia’s local market regulator earlier this month for permission to list its shares on the London Stock [...]
Russian planned for BP board September 23, 2012 British oil giant BP, which wants to buy a stake in Russian state-controlled rival Rosneft, plans to appoint a prominent Russian to its board of directors as part of a new commercial alliance with the Kremlin, it was reported yesterday. Bob Dudley, BP’s chief executive, discussed the plan with Vladimir Putin last week at a [...]
Antarctica is a mysterious, icy wonderland and a visual feast September 23, 2012 THE Antarctic tundra is a black and white world, except for the occasional colourful beak, feather, foot or fin, or the blue ice and turquoise underbelly of a whale. While it is certainly remote and desolate, it is also pure and peaceful: it makes you feel alive. From October to March, there is no night [...]
BP proposes buying stake in Rosneft September 21, 2012 Oil giant BP is eyeing a stake in Rosneft, following negotiations with the Russian oil firm to buy the British oil major’s stake in TNK-BP, Rosneft chief executive Igor Sechin said today. BP confirmed today that if it were successful in selling its 50 per cent stake in TNK-BP, it would be “interested in investing [...]
Capital Shopping Centres to tap bond market for £300m in cash September 20, 2012 CAPITAL Shopping Centres (CSC), the UK’s largest shopping centre owner, has become the latest listed property firm to turn to the market for cash after it launched a £300m bond issue yesterday. The owner of malls including the Trafford Centre in Manchester and Lakeside in Essex, is offering £300m of senior, unsecured convertible bonds due [...]
Centrica inks deal with Gazprom September 20, 2012 ■ Utility Centrica yesterday signed a 2.4bn cubic metre, three-year gas supply deal with the UK arm of Russian export monopoly Gazprom, it said in a statement. Gas deliveries will begin from 2014 and will be priced against the UK’s freely traded spot gas market, the National Balancing Point (NBP). “Centrica is at the forefront [...]
Rosneft seeks $15bn from banks to finance stake buy in TNK-BP September 19, 2012 RUSSIAN oil company Rosneft is understood to be talking to banks about raising $15bn (£9.2bn) in financing to buy BP’s stake in TNK-BP, following BP chief Bob Dudley’s meeting with Vladimir Putin to discuss the sale. Putin met with Dudley, BP chairman Carl-Henric Svanberg and Rosneft chief executive Igor Sechin to get an update on [...]
Sberbank sale sparks more privatisations September 19, 2012 RUSSIA’S second largest bank yesterday announced it is seeking to sell shares next spring, following the central bank’s successful sale of a stake in the country’s largest institution Sberbank. VTB’s boss Andrei Kostin said “we will go ahead” with a $2bn (£1.2bn) sale next year, which could include new shares as well as some privatisation. [...]