Buy-back back back

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The president of the company "Interros" Vladimir Potanin

As it became known "Kommersant", MMC Norilsk Nickel is selling about 4% of its treasury shares for about $ 350 million This is 13% smaller than the current market price, and almost four times cheaper than the cost of paper itself "Nornikelyu" during the buy-back last fall. But in a crisis management company and its principal shareholders, Vladimir Potanin and Oleg Deripaska preferred cash uncertain prospects for growth in the capitalization of MMC.

According to "Kommersant source close to" Nornikelyu 'board of directors at a meeting on 26 February approved the exclusion of 7 853 807 of its own shares at a price not below $ 45 per paper. This information "Kommersant" confirmed the two sources on the board of directors of the company and three other person is close to its shareholders. The shares were acquired "Nornikelem" in the repurchase (buy back) for the period from October 28, 2008 to January 13, 2009 to 6167 rubles. for the paper (in general, 48.4 billion rubles.). Since the adoption in August, the decision to repurchase MMC cheaper by 62%, and the date of commencement of buy back - at 4.7%. The final outcome of redemption were reviewed in mid-February, but after three weeks, shares have decided to re-sell.

One source of "Kommersant" on the board of directors discussed the issue of treasury shares lifted Management Nornikelya, "which has received a proposal to repurchase the securities. According to the interlocutor "Kommersant", the agent acted Deutsche Bank "in the interest of the client, but the source of" Kommersant "at the bank said that later she was transferred" to another bank. " Sobesednik "Kommersant" on the board of directors of MMC said that the fate of the shares has caused a stormy debate.

In particular, spoke harshly against the head of the board of directors of "Metalloinvest" Farhad Moshiri (holding company controls about 5% of the shares "Nornikelya). Following the vote, said the source of "Kommersant" familiar with the situation, made for the seven council members, including its chairman Alexander Voloshin, - against the two (Mr Moshiri supported independent director Brad Mills), an independent director Gerard Holden abstained. Why participate in the vote, only 10 of the 13 council members, interlocutor "Kommersant" has not been able to explain.

Representatives of "Nornikelya" and its main shareholder, Vladimir Potanin and Oleg Deripaska (control 25% of shares) shares not comment. Source "Kommersant" on the board of directors of MMC argues that the reason the deal has become a crisis. "In the current economic conditions reasonably acceptable to receive shares of the money," - explains interlocutor "Kommersant." Source "Kommersant", close to one of the shareholders' Nornikelya "I agree with that. "It is impossible to predict what will happen to capitalization of MMC and cash flow the company - said interlocutor" Kommersant ".- Therefore, having received a specific offer of money, management and owners have decided to use it."

Who decided to pay more than $ 350 million for approximately 4% of the shares "Nornikelya" sources "Kommersant did not reveal. Analysts believe that this is one of the shareholders of MMC. Position "Metalloinvest" said that paper is not traded in his favor. "Given the problems RusAl owed, the transaction can be carried out in favor of the" Interros "Vladimir Potanin, - said director of analytical department of UBS Aleksey Morozov. According to him, on payment of the transaction, Mr. Potanin might send the proceeds from the sale of "Polyus Gold" (see "Kommersant" on March 3). However, the "Interros" Kommersant "officially denied this assumption.

Senior Analyst, Bank of Moscow, Yuri Volov believes it is more likely that the bank will establish a pool of portfolio investors who are interested in buying shares of MMC at a low price. The deal includes a discount - to yesterday's market price, it exceeded 13%. "Obviously, we are witnessing a sort of SPO to the finite number of investors", - believes Yuri Volov. Aleksey Morozov agrees that SMC shares undervalued, and the probability of growth in the long run high.

However, two sources of "Kommersant" of metallurgists and bankers have heard of other schema. According to them, buying off shares of a subsidiary structure of the "Nornikelya - OGK-3. Power companies have already bought the paper from the shareholders of MMC, especially in the structures of Vladimir Potanin. More recently, the current director, "Nornikelya Vladimir Strzhalkovsky sharply criticized this deal and even replaced the director of OGK-3. At the same time, said Alexander Seleznev of URALSIB ", the company may have 50-60 billion rubles. free funds. For example, in January, WGC-3 has announced the acquisition of € 385 million from the bank VTB. Samou OGK-3, however, "Nornikel also wants to sell - this issue was addressed during the meeting on 26 February.

Principal owner "Metalloinvest" Alisher Usmanov believes that the transaction "under the guise of the market situation is realized completely the wrong approach, which is to the detriment of not only minority MMC, but, above all, the company itself." "At hand it only to those who could, first at the expense of the company's advantageous to get rid of the shares, but now, when they least some prospects for growth, cheap to buy them back," - said Alisher Usmanov. In his view, if the company needed cash, it is non-core assets for sale, and there are other tools to raise funds. Based on the ratio of prices, one of shareholders of MMC can now get about 4% of the shares sold in the buy back only about 1%.