Correspondent, New York
Megan's Feed
Jun 13, 2013

Russia’s Lenta picks banks for possible IPO-sources

MOSCOW, June 13 (Reuters) – Russian hypermarket chain Lenta,
part-owned by U.S. private equity firm TPG and Russia’s
VTB Capital, has selected banks for a possible 2014
initial public offering (IPO), two sources familiar with the
situation said on Thursday.

The banks chosen are JP Morgan Chase & Co, Credit
Suisse, UBS, Deutsche Bank and
VTB, the sources said.

May 31, 2013

Exclusive: Founders seek more time for ENRC bid – sources

LONDON/MOSCOW (Reuters) – The three billionaire founders behind miner ENRC (ENRC.L: Quote, Profile, Research, Stock Buzz) have asked its independent board members for a three-week extension to a June 3 buyout bid deadline, seeking more time to iron out technical details, sources with knowledge of the matter said.

ENRC’s founders said in April they were weighing up a buyout of minority investors in the mining group – a move that would take the company private and end a London adventure marked by bitter boardroom battles, corruption probes and an acquisition spree that left it with $5 billion of debt.

May 31, 2013

Founders seek extension to ENRC buyout bid deadline – sources

LONDON/MOSCOW, May 31 (Reuters) – Kazakhstan’s government
and the trio of founders behind ENRC have asked the
miner’s independent board members for an extension to a buyout
bid deadline of June 3, seeking more time to iron out technical
details, sources with knowledge of the matter said.

Two of the sources said the board had been asked to allow a
21-day extension, taking the deadline to the last week of June.

May 22, 2013

Insight: No more easy pickings in Russia’s banking market

MOSCOW (Reuters) – Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained for.

While players such as Citi and Austria’s Raiffeisen thrive, many have found post-Soviet Russia too hard to crack: rife with credit, legal and corruption risks, and dominated by state giants Sberbank and VTB.

May 22, 2013

No more easy pickings in Russia’s banking market

MOSCOW, May 22 (Reuters) – Foreign banks that once treated
Russia as virgin land where easy money could be made are now
finding it a cut-throat market tougher than some bargained for.

While players such as Citi and Austria’s Raiffeisen
thrive, many have found post-Soviet Russia too hard to
crack: rife with credit, legal and corruption risks, and
dominated by state giants Sberbank and VTB.

May 13, 2013

Russia may squeeze higher dividends from state companies

MOSCOW, May 13 (Reuters) – Russia is considering whether to
make state companies pay higher dividends to replenish
government coffers and reassure foreign investors worried by a
slowing economy, falling commodity prices and an opaque business
environment.

The move could help Vladimir Putin fund spending promises he
made to secure a third term as president and may stem outflows
of foreign money from Russia-focused funds.

Apr 30, 2013

ENRC bidders line up cash, eye sales as deadline nears

LONDON/MOSCOW, April 30 (Reuters) – The co-founders of the
Kazakh miner ENRC, hammering out a deal with Russian
lenders to fund a buyout of minority investors, could sell
assets from the group’s sprawling portfolio to repay their own
bank financing and cut group debt.

Sources with direct knowledge of the situation said
divestments would not be immediate, as the three founding
oligarchs and their advisers focus on May 17 – the date by which
they have to announce to London investors whether they will bid.

Apr 26, 2013

Russia’s VTB set to approve terms for $3.2 bln share sale

MOSCOW, April 26 (Reuters) – Russia’s second-largest bank
VTB was set to push ahead with a 100 billion rouble
($3.2 billion) share sale in the coming weeks to bolster its
capital, even as its shares languish after a series of strategic
missteps.

VTB’s supervisory board was expected on Friday to approve
terms for the long-planned issue, said one source close to the
board. A second source close to the issue said the timing of the
sale was yet to be confirmed but it could happen in mid-May.

Apr 18, 2013

Foreign investors find Russia’s promise unfulfilled

MOSCOW, April 18 (Reuters) – Foreign investors weary of
unfulfilled reform promises under Vladimir Putin have been
fleeing Russia-focused funds this year, clouding prospects for
the country’s fragile equity markets.

So far this year, $1.2 billion has been pulled from
Russia-focused equity funds – 8 percent of estimated
Russia-dedicated assets – on concern over a slowing economy,
Russia’s exposure to falling commodity prices and a lack of
progress on reforms to make a murky business environment more
transparent.

Apr 18, 2013

Minority TNK-BP investor urges Rosneft to back big dividend

MOSCOW, April 18 (Reuters) – Veteran emerging markets
investor Mark Mobius urged Russian oil company Rosneft
on Thursday to issue “a nice fat dividend” to ensure minority
shareholders in recently acquired TNK-BP are treated
fairly.

Mobius, whose emerging markets group has shares in TNK-BP,
made his comments one day after a meeting between Rosneft chief
executive Igor Sechin and investors at which the state-owned
company said the possibility of buying out minority investors -
who hold around 5 percent of TNK-BP Holding – was not discussed.