The managers at VSMPO-AVISMA will buy half of the company
28.11.2012 — News
The government-owned corporation Rostechnologii is going to sell its 45.42% stake in the VSMPO-AVISMA Corporation, OJSC - the largest titanium producer in the world - to the management of that company based in Verkhnaya Salda and to Gazprombank.
The government-owned corporation Rostechnologii told RusBusinessNews that the buyers will pay $187 for each security, which is 16% more than the corporation's average share price ($161) on the combined MICEX-RTS exchange for the last three months. The deal will cost between $965-970 million.
Previously, the management team had purchased approximately 4.6% of the corporation's securities on the open market. Both blocks of shares will be transferred to the joint venture that was established for the purposes of this transaction. Management will own a 75% stake in this joint venture plus one security, while 25% minus one security will belong to Gazprombank.
A blocking portfolio of shares (25% +1 share) in the titanium producer will remain in the hands of GC Rostechnologii. The remaining 25%, minus 2 shares, will continue to be traded on the open market.
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