The Federal State Property Management Agency (Rosimushchestvo) has ordered the re-evaluation of state share packages in those gas distribution companies that are involved in the asset swap deal between Gazprom and Rosneftergaz. This means a delay in the execution of the deal and, therefore, the postponement of a potential buyout offer to minority shareholders. As a result, market quotations for shares in regional gas distributors may again be influenced by fundamental factors. In our view, the main reason lies in the disparity between the valuations of the assets to be exchanged between Gazprom and Rosneftegaz. In view of this, the new estimates of the gas distributor's value could exceed the previous ones, which may emerge as an upside driver for shares in the gas distribution companies that are involved in the deal.
Vladimir Sergievskiy
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Sector:
O&G
Company:
Gazprom
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11.8
12.74
