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Transaero shares down 15.4% on Moscow Exchange after soaring by 187% earlier

October 22, 2015, 11:17 UTC+3
Transaero shares grew on October 21 amid reports that S7 Airlines General Director bought "at least 51%" of the Transaero shares from Alexander Pleshakov, the largest shareholder of the airline
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© TASS/Marina Lystseva

MOSCOW, October 22. /TASS/. Transaero shares decreased by 15% to 16.5 rubles per share in the early trading on the Moscow Stock Exchange on Thursday.

On October 21 the company’s shares soared by 187%.

Transaero shares grew amid reports that S7 Airlines General Director Vladislav Filev on Tuesday, October 20, bought "at least 51%" of the Transaero shares from Alexander Pleshakov, the largest shareholder of the airline. Filev said that Transaero shareholders have a plan to normalize relations with airline creditors, but did not disclose further details. He also noted that the new shareholders by all means will try to avoid bankruptcy of the airline.

Later, Deputy Economic Development Minister Evgeny Yelin said that the airline has a real chance of survival, and S7 Airlines takes full responsibility. According to him, happens exactly what the Economic Development Ministry hoped for — one of the most efficient companies merges with less effective one and the market stabilizes.

At the same time the Russian Transport Ministry said it did not receive official information about S7 General Director purchasing controlling stake in Transaero. The Russian Federal Antimonopoly Service has also said it did not see S7 application for the acquisition of the controlling stake in Transaero airline.

The Russian Federal Air Transport Agency Head Alexander Neradko said Wednesday, October 22, that Transaero operator certificate will be canceled on October 26, and cannot be restored.

"According to the results of an unscheduled inspection of Transaero airline, identified deficiencies and the deterioration of key performance indicators and financial and economic conditions of the operator that affects the safety and the rights of consumers, the Commission proposed to cancel Transaero operator certificate ... The airline certificate is being revoked from October 26 of this year. The canceled certificate, accordance to the rules, cannot be restored," he said.

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