It has been reported that last year French oil and gas giant Total announced its intention to buy a blocking stake in Novatek for $1 billion. However the deal fell through for a number of reasons. The Russian Anti-Monopoly Service delayed giving its approval to the deal, and meanwhile Novatek consolidated its assets and announced that $1 billion would be too small a sum for the 25 percent plus one share stake. This year Novatek announced its intention to hold a London IPO, and after the announcement Total said that it would cancel the deal with the Russian producer goes ahead with the plans. The initial placement was made and heavily subscribed, raising $880 million for the Russian company.
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Independent Russian Gas Producer Novatek to Issue $500M Eurobonds in 2006
largest independent natural gas producer
Novatek, Russia?s largest independent natural gas producer, is planning a $500 million Eurobond issue in the first half of 2006, the company?s Chief Financial Officer Mark Gyetvay said on Thursday, Sept 29. Financial consultant for the issue will be UBS.
Novatek is Russia?s largest independent producer after gas monopoly Gazprom. Last year it produced 21.6 billion cubic meters of gas. In 2004 the company?s net profits calculated according to international accounting standards grew by 73 percent to 5.694 billion rubles ($199 million). Revenues and other incomes grew by 46 percent ? to 25. 198 billion rubles ($884 million).
It has been reported that last year French oil and gas giant Total announced its intention to buy a blocking stake in Novatek for $1 billion. However the deal fell through for a number of reasons. The Russian Anti-Monopoly Service delayed giving its approval to the deal, and meanwhile Novatek consolidated its assets and announced that $1 billion would be too small a sum for the 25 percent plus one share stake. This year Novatek announced its intention to hold a London IPO, and after the announcement Total said that it would cancel the deal with the Russian producer goes ahead with the plans. The initial placement was made and heavily subscribed, raising $880 million for the Russian company.
24.13% of Novatek?s shares are in free float right now, Russian state bank Vnesheconombank holds 5.6% of shares, International Finance Corporation ? 1%. Novatek?s chairman Leonid Mikhelson controls 28.94%, various funds and closed joint-stock companies control the remaining shares.
It has been reported that last year French oil and gas giant Total announced its intention to buy a blocking stake in Novatek for $1 billion. However the deal fell through for a number of reasons. The Russian Anti-Monopoly Service delayed giving its approval to the deal, and meanwhile Novatek consolidated its assets and announced that $1 billion would be too small a sum for the 25 percent plus one share stake. This year Novatek announced its intention to hold a London IPO, and after the announcement Total said that it would cancel the deal with the Russian producer goes ahead with the plans. The initial placement was made and heavily subscribed, raising $880 million for the Russian company.
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