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On March 27, Federal Property Management Agency is to hold an auction to sell a 9.44% stake in Rosneft owned by Yukos which is going through bankruptcy proceedings. According to the agency’s press release, Yuganskneftegaz’s promissory notes for a total of Rub 3.6 bln ($137.19 mln) are included in the single lot coupled with a stake in Rosneft. The starting price of the entire lot is Rub 195.5 bln ($7.45 bln). Bids could be raised in sequences of Rub 260 mln ($9.98 mln).
The auction to sell Yukos 20% stake in Gazprom Neft is to be announced next week, Yukos interim receiver’s press secretary Nikolai Lashkevich said.
We commented on the situation surrounding the auction in our Daily dated February 21, 2007. The official starting price for a 9.44% equity position in Rosneft, taking into account YuganskNG’s auction is set at Rub 195.5 bln ($7.45 bln). This slightly exceeds Rub 182.3 bln ($6.94 bln) specified in the preliminary appraisal of Yukos assets dated January 22 and prepared by the consortium of independent appraisers headed by Roseco as the starting value for 9.44% in Rosneft. As of Thursday’s close, the market price for this stake in Rosneft stood at Rub 236.5 bln ($9.01 bln). Thus, the discount of the starting price of the entire lot (including YuganskNG promissory notes) to the market price of the stake in Rosneft is 22.9%. Even if Rosneft manages to gain these assets as a result of competition at the auction at a smaller discount, we view the baseline scenario as profitable for the oil company. Olga Belenkaya
Other comments of the day
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Rosneft
Capitalization: $39 743 166 813,75
Common shares:
Price: $3,75
Delta week: 0,00%
Delta month: -4,6%
Delta year: -59,5%
Yukos
Capitalization: $1 476 414 555,00
Common shares:
Price: $0,66
Delta week: 0,00%
Delta month: 0,00%
Delta year: 0,00%
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0.244
0.616
