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M&A: Bashneft shareholders approve company restructuring

The recent extraordinary meeting of shareholders of JSOC Bashneft made a decision on the company's restructuring through the takeover of CJSC Bashneft-Invest created through a spinoff from CJSC Sistema-Invest. The shareholders established the takeover procedure and terms and approved the corresponding takeover agreement, according to a press release by Bashneft.

The shareholders decided to reduce Bashneft's authorized share capital by cancelling 20.2% of Bashneft's ordinary shares (16.8% of its authorized share capital) owned by CJSC Bashneft-Invest which will be taken over by Bashneft.

According to Russia's legislation, shareholders of JSOC Bashneft who abstained or voted against the reorganization shall submit requests for share buyback. The buy-back price is set equal to RUB 1,983 for a share of common stock and RUB 1,403 for a preferred share.

Bashneft (tax number: 0274051582) is the leading enterprise of Bashkortostan's fuel and energy industry. The company is engaged in the oil recovery in Republic Bashkortostan, regions of West Siberia and in Orenburg region. As of December 31, 2012, Bashneft's proven oil reserves as per PRMS amounted to 2.007 billion barrels of oil.

IFRS net profit of Bashneft for 9 months 2013 decreased by 21.3% to RUB 32.542 billion from RUB 41.347 billion for the same period in 2012. Revenue increased by 6.2% to RUB 417.054 billion from RUB 392.688 billion, adjusted EBITDA by 1.1% to RUB 76.981 billion from RUB 76.119 billion.

According to the information and retrieval system DataCapital, RAS net profit of JSOC Bashneft for H1 2013 grew by 59% to RUB 30.886 billion from RUB 19.389 billion the year before. Revenue increased by 1% to RUB 231.703 billion from RUB 228.325 billion, GP to RUB 110.442 billion from RUB 88.559 billion.

"AK&M", 04.02.2014


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