Iraq calls for closer cooperation with RussiaWorld July 24, 19:09
Russia develops laser-guided automatic landing system for dronesMilitary & Defense July 24, 18:22
Communist propaganda ban not aiming to dismantle Soviet WWII memorials, vows Polish envoyWorld July 24, 18:16
Situation with Siemens won’t affect Russian companies — energy ministerBusiness & Economy July 24, 18:11
Russian energy minister says oil prices may grow in 2017Business & Economy July 24, 17:31
Putin fills in Normandy Four on Russia’s approaches to key Minsk accord provisionsRussian Politics & Diplomacy July 24, 16:57
Normandy Four leaders call for ceasefire in DonbassWorld July 24, 16:29
Archstoyanie: Russia's largest land art festivalSociety & Culture July 24, 16:08
Russian aircraft deliver almost 6,000 strikes on gunmen in Syria in 2 monthsMilitary & Defense July 24, 16:06
MOSCOW, January 30. /ITAR-TASS/. Major Russian bank VTB may soon become a large minority shareholder in state-owned telecommunications operator Rostelecom by buying stock in a 35 billion ruble, $1.06 billion deal, Kommersant daily reports on Thursday.
Acquisition would give Rostelecom funds to buy out shareholders who opposed a spin-off of the operator’s mobile communications assets for a proposed merger between those assets and another industry player, Tele2 Russia, half owned by VTB, says the report.
This spin-off was voted down at an extraordinary shareholder meeting on December 30 though divestment was backed by the 43%-stakeholding Federal Agency for State Property Management, Rosimushchestvo.
Rostelecom's proposed deal goes to its board for approval next week, sources close to the transaction told the paper.
One source said VTB plans were to buy Rostelecom common stock and stock owned by its subsidiary Mobitel. The proposed 16.6 percent share deal was assessed at around $1.06 billion at market prices.
The parties also plan a forward contract for Rostelecom to buy the shares back in two to three years when the company will have to pay interest calculated on money-market floating rates.