ROSNEFT-GAZPROM, A NEW MERGER PLAN
MOSCOW, October 4 (RIA Novosti) - Experts are not unanimous on Rosneft chief Sergei Bogdanchikov's plan of merging his oil company with the Gazprom gas giant.
Mr Bogdanchikov has forwarded a letter to the Russian president, in which he set out his plan of merging Rosneft and Gazprom, according to Kommersant.
"The preliminary market evaluation showed that Gazprom and Rosneft's oil and gas assets could be merged so that the state accumulated a controlling block of Gazprom shares and at least 20%-25% of Rosneft shares in its hands," the newspaper wrote.
Besides, Mr Bogdanchikov proposed that Rosneft should remain an independent entity.
The plan voiced by Gazprom chief Alexei Miller has it that 100% of Rosneft shares should be exchanged for 10.7% of Gazprom shares in balance at its affiliates. The idea is to boost the state's share block to the controlling 50% plus one share.
Gazprom and Rosneft denied comments on Mr Bogdanchikov's proposal.
Maxim Shein, chief of analysis at the Brokerkreditservis investment company, believes Mr Miller's plan is fairer that that of Mr Bogdanchikov.
"Bogdanchikov's proposals allow to dilute shares as Rosneft has not been converted to a single share, i.e. consolidated," said Mr Shein.
The expert believes the merger will be ineffective in general.
"The two state companies are both rather difficult to run, while the merger will make them even more difficult to run, which will reduce their efficiency," said Mr Shein.
Dmitry Mangilev, an expert with the Prospekt investment company, believes Gazprom would find it easier to run a new company, the one being established by Gazpromneft.
"Gazprom has experience in managing oil assets. Mr Miller's proposals are good for the company's management optimisation as Rosneft's management is inefficient," said Mr Mangilev.
Stanislav Kleshchev, an expert at Financial Bridge investment, on the contrary, believes that Mr Bogdanchikov's proposalswere both logical and more realistic.
Mr Kleshchev believes there is no need to establish a new oil company after the merger of Gazprom and Rosneft as Rosneft is already established.
"It is quite logical to hand Gazprom's oil assets over to Rosneft and thereby preserve the latter as an independent company. What is the point of creating a new oil company as part of the merger when the one has been already established," said the expert. |
