10:35Gazprom’s non-core assets auctioned off
Five of the six lots on offer were sold off at an auction for Gazprom’s non-core assets. Among the lots sold are Gazprom’s shares in two large construction companies: 63% in Lengazspetsstroy and 51% in Spetsgazremstroy. In our view, the outcome of the auction is definitely positive for Lengazspetsstroy, since the company’s new owner would make a buyout offer to its minority shareholders at a minimum price of USD 6,500. For Spetsgazremstroy, the auction results have lived up to expectations. However, we believe that valuation of the company below its book value is at odds with actual prospects for its business development.
10:35UAC makes buyout offer to Irkut shareholders
United Aircraft Corporation (UAC)’s buyout offer to Irkut shareholders is in line with the current stock valuations. However, we do not recommend accepting this offer in haste. Instead, investors are advised to wait until swap ratios for UAC shares are announced.
10:32The unlimited tariff plan to remain unchanged: why is the management playing against minority shareholders?
We are extremely negative about the released information that all of the inter-regional telecoms companies (MRK) have declined to raise their prices on the unlimited tariff plan, one of the most popular with phone users. They may have done so under pressure from the state. The move may negatively affect the fundamental value of most of the MRKs.
10:28Consolidation of MRSK North-West: chance for investors
Investors have two days to buy shares in northwestern Russia’s power distribution grids (RSK) before trade in these shares ends on March 27, 2008. The shares could then be swapped for shares in MRSK North-West, a promising and undervalued inter-regional distribution grid company (MRSK).
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