As a result of the obligatory offer, Lukoil-Volgogradneftepererabotka has acquired 31.3% in TGK-8 (RTS: TGKH) from the genco’s minority shareholders, Lukoil said in a press-statement. As a consequence, the Lukoil group’s total stake in TGK-8 charter capital rose to 95.4%. The acquired energy assets will be managed by LUKOIL Power Generation Ltd., a 100% Lukoil subsidiary.
Now, within 6 months of acquiring the share package, Lukoil should present a forced buyout offer to TGK-8 minority shareholders at a price above or equal to the price of the previous buyout offer. The price of TGK-8 shares within the obligatory offer amounted to RUB 0.0398 per common share. The price on the MICEX as of the final bell on Friday, 26 September 2009, equaled RUB 0.0365 per common share; therefore, minority shareholders will not receive any considerable gain within the forced buyout offer. As a result, we do not expect this news to have any major impact on TGK-8 stock valuations.
The fair value of TGK-8 (RTS: TGKH) is USD 0.00056 per share, which corresponds to a SELL recommendation.
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