“Bashneft” in one hand: why Rosneft instructed to by a competitor



Directive on the privatization of “Bashneft” was signed October 1, the day after the first Deputy Prime Minister Igor Shuvalov announced the resumption of the sale of government’s stake, sources say RBC. On the photo: the head of “Rosneft” Igor Sechin (right) and Shuvalov

Photo: Maxim Shemetov/TASS

After several months of debate, the government instructed its representatives in the Board of Directors of “Rosneft” to approve the purchase of the state stake in Bashneft. “Rosneft” offers the highest price, but the state had other ways to withdraw money from her, noted the experts

“Bashneft” in one hand?

First Deputy Prime Minister Igor Shuvalov has approved a Directive according to which the CEO of “Rosneft” Igor Sechin has until October 15 to sign a contract for the sale of 50.08% of “Bashneft” and get all the regulatory approval, announced Thursday by the government (the text of the Directive was published on its website).

The Directive was signed on Saturday, October 1, the day after the Minister announced the resumption of privatization of “Bashneft”, pending in mid-August for an indefinite period, told RBC two sources close to the Ministry of economic development. Just on Saturday a meeting of the Board of Directors of “Rosneft”, which was approved by the conduct “significant transactions” worth over $1.5 billion, reported the press service of the company. The details of the transaction the representative was not disclosed, but those close to the state-owned company sources said that it is just about the purchase of “Bashneft”.

The second Directive instructs the Shuvalov’s representatives in the Board of Directors of “Rosneft” to vote for the purchase of the state stake in Bashneft, the price should not exceed 330 billion rubles higher than in summer, E&Y estimated of 50.08% of the company by order of the government — in 297-315 billion. But Sechin, in late August suggested the government to sell the asset for $5 billion (312,3 billion at current exchange rates), reported Bloomberg.

On the directives of shares of “Bashneft” on the Moscow stock exchange, first rose slightly, then began to fall: common — 2.49% preference shares of 6.45% (18:37 MSK). In the end of 50.08% estimated market only 277,97 billion. Minority shareholders fear that in the event of a change of control to Rosneft, it will not declare the offer or it will be below the current value of the stock, the analyst of Raiffeisenbank Andrey Polischuk. Specified in the offer price of the shares may not be lower than their weighted average cost for the last six months, adds the partner of legal Bureau “Padva and Epshtein” Pavel Gerasimov (during this time, ordinary shares of “Bashneft” has risen 54.5%). For example, the transfer of “Gazprom” shares in regional gas companies such offer was not followed, and the “Rosneft” bought shares of “TNK-BP holding” in 2013-2014 from minority shareholders at a price below that which was expected, sellers.

However, the Directive Shuvalov does not mean that “Bashneft” will be sold in one hand without holding public auction, told RBC Federal official confirmed a source in the Ministry of economic development. The Directive is permissive, argue both sides: this is the indication that Rosneft may participate in the transaction on privatization of “Bashneft”, but all details of the transaction, including whether auction or direct sale will be listed in the order of the government, which will be released separately. “Method of sale of shares of “Bashneft” will be reflected in the corresponding final disposal of the government,” ‘ said RBC assistant to the Minister of economic development Elena laskina.

A government spokesman did not specify when it will be issued such an order.

“Rosneft” against all

The Russian government adopted the decision on privatization of “Bashneft” along with other assets on 1 February. Then President Vladimir Putin said that in the course of privatization transactions need to ensure “maximum transparency”, and also pointed to the need to pay more attention to “quality of investors”: “we Need to future investors and purchasers looking for their own resources or loans, but not from state banks. The good of it will be a little bit”. Soon the press-Secretary of Rosneft Mikhail Leontyev said RBC that the company is not going to buy this asset. “How can one state-owned company to buy another? We these activities feed”, — he said.

By the summer the situation changed dramatically. “VTB Capital”, the appointed investment consultant of the government for the sale of “Bashneft”, gathered about ten applications from applicants, including LUKOIL, Tatneft, the Russian direct investment Fund (RDIF), an Independent oil and gas company controlled by the former President “Rosneft” Edward Khudainatov. But Rosneft, which has also applied for, entered into open polemics with the government and presidential administration on the subject of whether the right of Rosneft (69.5% of its shares belongs to state holding “Rosneftegaz”) to participate in privatization. “It’s kind of stupid to “Rosneft” were: one public, the company participated in the privatization of other”, — said journalists the Deputy President and Chairman of the Board of Directors of “Rosneft” Andrei Belousov. But the company did not withdraw their application. “And the government gave us Directive prohibiting to participate in the privatization? No!” retorted Sechin.

In order to settle this dispute, in mid-August, the government postponed the deal. And after 30 September, the privatization was suddenly resumed, “Rosneft” began to be the favorite in the race for “Bashneft”. This was stated by the head of Bashkortostan Rustem Khamitov and one of the candidates, Fund Energy, owned by former energy Minister Igor Yusufov. “In the current situation we believe that the most attractive offer available to the company “Rosneft” is able to pay for the asset (of 50.08% of “Bashneft”) the amount in excess of $5 billion (which is the highest award of the government of the Russian Federation)”, — said in a statement released Tuesday. And RDIF with international partners decided to withdraw, because the amount requested for the package of shares of “Bashneft” significantly higher than original estimates, said Thursday evening the head of the Fund Kirill Dmitriev.

Back in August, in a letter addressed to the Minister of economic development Alexei Ulyukayev Sechin explained that the sale of government’s stake in Bashneft will then more profitable to sell 19.5% stake in Rosneft (the asset is planned to be privatized by the end of 2016), reported by “Vedomosti” with reference to the copy of the letter. “Integration “Bashneft” with the subsequent sale of shares of “Rosneft” will allow not only to preserve the integrity of the assets of “Bashneft”, but will also support plans for the privatization of “Rosneft” at a premium to current market value through the monetization of synergies”, — he pointed out. Synergy Sechin estimated at 160 billion rubles.

The portfolio Manager of the GL Asset Management Sergey Vakhrameev considers the evaluation of possible synergies overestimated, and the sale of one state company to another company partly owned by the state calls “non-market-by-step”. In addition, Vakhrameev warns that in case of direct purchase by Rosneft of a controlling stake in Bashneft above the market value of the shares of “Rosneft” will not exceed the current market value: it will increase net debt and reduce cash balances. However, according to estimates by Raiffeisenbank, the purchase of this asset will allow “Rosneft” to attract new borrowing: at the end of the second quarter of 2016 on the accounts of the company was $22.4 billion, from the sale of shares in “Vankorneft” and “TAAS-Yuryakh” to the Indian investors, the company will receive another $4 billion: this would cover almost all of the debt obligations in the second half (the company must pay $4.7 billion).

The proposed Rosneft price for Bashneft was the largest, but the state could withdraw the money in the budget in other ways, for example through increased dividends, says Polishchuk of Raiffeisenbank. However, then I had to share with other shareholders, including BP (which owns a 19.75%), he adds. However, this year the government, on the contrary, made concessions of “Rosneft”, taking in the form of dividends only 35% of IFRS net profit (RUB 124.5 billion) instead of the previously planned 50% (177,5 billion rubles).

How to change the position of the government on the question of the admission of “Rosneft” to privatization of “Bashneft”



Igor Shuvalov, first Deputy Prime Minister (July 11, BFM.ru): “whether in such circumstances, when we have recently experienced the acquisition by Rosneft of TNK-BP to another private player, the company acquired? This has questions, because after all, we are conducting privatization not only in order to get the money in the budget, but we want to see changes in the structure of the economy, we want to the company was sufficient incentives for growth.”



Arkady Dvorkovich, Deputy Prime Minister (July 28, “statement”): “it Was decided not to allow to participate in the privatization of state-controlled companies, and this includes both direct control and indirect”.



Dmitry Peskov, press Secretary of the President (July 22, “RIA Novosti”): “the Understanding is that state companies can not participate, is really there, and really have a discussion, this understanding was recorded in the government and in the administration… It’s not a guideline, not a decree, is understanding.”



Dmitry Peskov (July 26, “RIA Novosti”): “In the formal point of view, Rosneft is a state company, it’s just clear you can tell. But, of course, there are different points of view on this matter”.



Andrey Belousov, assistant to the President (July 28, “Interfax”): “It’s stupid to “Rosneft” were: one public, the company participated in the privatization of another.”



Alexei Ulyukayev, Minister of economic development (July 29, “RIA Novosti”): “From my point of view, “Rosneft” — the wrong buyer for this asset.”



Dmitry Peskov (3 August, “RIA Novosti”): “with regard to the participation of state companies and state-controlled companies in the privatization process, we have repeatedly talked about the dominant understanding that, of course, these companies should not be involved in the process of privatization”



Alexei Ulyukayev (4 August, “RIA Novosti”): “state-owned companies should not be involved in privatization.”



Vladimir Putin (September 1, Bloomberg): “Having in mind that the control packet is from the state, it’s probably still not the best option when one company controlled by the state, acquires another, purely state-owned company. This is one position. And the second is that at the end of the total for the budget is important, who will give more money for trades that need to be done in the course of the privatization process. In this sense, we can’t discriminate against market participants, any of them, but it is not true, because the government decided the privatization of “Bashneft” to defer”.



Alexei Ulyukayev (2 September, “RIA Novosti”): “From the point of view of the law on privatization 174 there is a textual rule that in the event that the transaction is in the interests of stock market development, technology and so on, it is not subject to the requirement that the company, which has 25% or more [government involvement] is not allowed. Technically, under this provision, as well as from the fact that, formally, directly, it [Rosneft] is a state, but through a “layer”, that is “Rosneftegaz”, — formally, it is allowed [for privatization of “Bashneft”]”.



Igor Shuvalov (October 3, in the framework of the forum “Sochi-2016”): “Rosneft” will not be limited to participate in the auction”.

 

“Rosneft” made a purchase of its own shares from the state



Photo: Artyom Korotayev/TASS

“Rosneft” considers possibility of purchase of its own shares from Rosneftegaz, said a company spokesman Mikhail Leontyev, but the share is not called. Informed that the government is discussing the sale of “Rosneft”19,5 percent of its own shares, wrote “Vedomosti”

The company “Rosneft” is ready to buy its own shares from state-owned Rosneftegaz. Comments about this business FM said the press Secretary of the company Mikhail Leontyev.

“In fact, we are willing to buy our shares. We love your shares. In General it is a trivial procedure in any company, — said Leontiev. — If we have the opportunity to purchase our shares, we are very seriously considering this issue, proud of it, not ashamed.”

Leontyev added that “Rosneft” believes “in an enormous potential to improve the company’s capitalization” and the company “fundamentally undervalued”

“Absolutely confident that the shares [of Rosneft] will be much more expensive and the company can make huge additional profits, – said Leontiev channel RBC. – With regard to the insane hysteria about savvycom. We did not determine the order of sale be determined by the government. We are in the best interests of the company stocks and want to buy. How much is another question.”

On Wednesday, the newspaper “Vedomosti” wrote that the government is discussing the privatization scheme “Rosneft” in which the company can buy back its stake of 19.5% in “Rosneftegaz” for 700 billion rubles. it is Expected that in the future, this package can be sold to a strategic investor or parts on the market.

In the message of Fund Energy, owned by former energy Minister Igor Yusufov, said that such a scheme is “a perfectly normal market mechanism in the world practice in all sectors of the economy.”

Raiffeisenbank experts pointed outthat the company can have enough money for the purchase of own shares and stake in Bashneft. Analysts also pointed out that in the case of purchase of shares of “Bashneft” and a native package on the company’s accounts to the end of the year could be about $5.7 billion.

“Thus, such a scheme of privatization, which the company will give to the budget almost all of its accumulated liquidity should not lead to an increase in the company’s needs for new loans,” claimed the experts.

Raiffeisenbank analysts also admitted that the purchase by Rosneft of its own shares may cause a temporary shortage of currency in the local market. “It is fraught with short-term impact on interbank rates (increase them. — RBC) in foreign currency operations before the end of the year,” said analyst Denis Poryvai in an interview with RBC.

The Minister of economic development Alexei Ulyukayev in an interview with reporters earlier Thursday, said that the deal for the privatization of 19.5% of Rosneft could take place in November, passed “Interfax”.

Earlier in the day the government approved the purchase of 50,0755% Bashneft Rosneft. The amount of the transaction can be 329,6 billion. “Until October 15 to have time to obtain all the necessary approvals to close the transaction. The Board of Directors of “Rosneft” has already approved it,” said one of the interlocutors RBC.

$3.9 billion on the hook: how John Morris was the “Director of fishing” in the United States



John Morris, founder of Bass Pro Shops

Photo: Chris Graythen/Getty Images for Stewart-Haas Racing/AFP

John Morris began to trade fishing gear in the corner of his father’s liquor store. Now the owner of a fortune of $3.9 billion holds a major deal in the American market of goods for hunting and fishing, the volume of which reached $50 billion

Between the first and second

In the beginning of this week it became knownthat the biggest deal in the American market for hunting and fishing still take place. The market leader company Bass Pro Shops agreed the terms absorb the second-largest retailer Cabela’s: total transaction amount is $5.5 billion.

Because Bass Pro Shops is a private company, and Cabela’s public, ahead of the unions of the last quotation at the opening of the trading day on Monday, October 3, soared by 15% and continues to grow, reaching $64 per share.

For the full year 2015 revenue Bass Pro Shops amounted to (according to Forbes) of $4.45 billion, the company has 94 outlets, which employ 22 thousand people. Revenue also Cabela’s has reached last year of $3.99 billion, the company owns 85 stores and employs 19 thousand people. According to estimates of analysts of the investment firm Stiefel, the combined Corporation in the future will control more than 20% of the market of hunting, fishing and camping services of the United States, the total amount reaches $50 billion.

That is the largest in the United States network of hunting and fishing stores plans to absorb the second-largest player, the Agency Reuters reported in November 2015. After the death a year earlier, the elderly founder of Cabela’s dick Cabela with 11% of the shares of the company Investfond Elliott Management (led by investor-“the vulture” Paul singer) called for “a search of strategic alternatives” the company’s development, referring to its sale.

It is expected that the transaction will be finally closed in the first half of 2017. By this time in the United States will have a new administration, and it is difficult to predict what position it will take on the question of free sale of the weapon (and it takes a considerable share in the range of shops Bass Pro Shops). In any case, sales in both firms received in 2013, serious momentum amid talk of tightening of the rules on the acquisition of weapons, notes the trade publication Sporting Classics.



One of the stores of Cabela’s in Greenville, South Carolina. Photo made October 4, 2016, the day after Bass Pro Shops announced the acquisition of the network of Cabela’s Photo: Luke Agripina Hyman/Bloomberg

Tackle instead of whiskey

Founder, owner and CEO of Bass Pro Shops is American John Morris. Control functions it shares with the President and COO Jim Chagala, but Morris (whom colleagues and journalists call “johnny”) is a face of the company. He himself half-jokingly calls the “Director of fishing” (chief fishing officer).

As of autumn 2016 the wealth of the Morris reaches $3.9 billion according to Forbes magazine. In this week’s list of 400 richest Americans he is a 148-th line.

Morris was born in 1948 in Springfield, the third largest populated area of Missouri. Subsequently, it was here johnny to get an education, start their own business and have a family. Now Springfield is the headquarters and flagship store of Bass Pro Shops, there lives and Morris.

Long before the birth of her son in 1937, the father of billionaire John Morris Sr. opened in Springfield liquor store, Brown Derby. At that time, after the abolition of “prohibition” only a few years, and the demand for legal alcoholic beverages was great. Network alive today: the Brown Derby has 18 stores in Missouri, the company’s annual turnover is estimated in $30 million.

Operated business the Brown Derby owner Ron Junge, son of Morris Sr. and, accordingly, the husband of the sister of the owner of Bass Pro Shops. To work in the company he started in 1971, when Morris, Jr. (formally the heir to the family business) finally decided for himself that he will not continue his father’s business.

The Pyramid Of Cheops

To the beginning 1970-x of years, johnny Morris received a bachelor’s degree in business and Economics at the Springfield Drury University (one of the best private schools in the American Midwest). Formally, he was ready to inherit the family business, but all the attention johnny was completely focused on his favorite hobby — fishing, specifically, fishing for perch, which in English is called bass. This is one of the national Hobbies in the States.

In 1970 Morris, Jr. participated in the competition for perch fishing Bassmaster, where seriously interested in what bait and equipment are used by experienced fishermen. He was struck by the fact that in many cases the lure was homemade.

Frustrated by the meager range of lures for sale Morris Jr. the following year decided to open in his native Missouri own bait shop. For this he rented from the company U-Haul a small trailer and traveled the country in search of the most modern and unique equipment. Returning to Springfield with goods bought on borrowed dad $10 thousand, he requested a corner area of only 6 sq m family liquor store, which has equipped the counter and began to sell. Johnny then was 23.

Business Morris, Jr. relied on the presence of low supply and high demand. Shop Brown Derby was located on the outskirts of Springfield, on the way to nearby lake table Rock, which from the 1960s years has gradually become an important center of sport fishing.

Subsequently, Morris will make a careful approach to the placement of outlets with its strategies of business expansion. Of the nearly hundreds of the largest stores are located in important tourist locations. For example, near the Disneyland in Orlando (Florida) Central highway Las Vegas, inside the famous sports-concert complex “ocean” in Memphis (Tennessee), etc.

In addition, the stores are Bass Pro Shops are a fully-fledged entertainment centers. Each of them is furnished on the basis of the fauna of the region where it is located, each of them lectures about fishing and wildlife and a variety of workshops: for example, in rock climbing, archery, cooking in field conditions.

A creative approach to the creation of each new point stores makes Morris one of the most visited locations in the United States. Of the 94 stores in the lead of the flagship store network (almost 50 thousand sq m) in the home for the businessman Springfield: about 4 million visitors a year. About as many tourists are attracted by the arch of the gateway arch in St. Louis — two attractions constantly dispute the title of the most popular locations Missouri. For comparison, the Eiffel tower in Paris attracts about 7 million tourists a year.

So says Morris

“For us it was more important to make our clients joyful, rather than calculating financial return from it. Buy a boat and get happiness in return! It is important to sell not only the thing itself but the feeling of joy that this thing is” (in an interview with USA Today, 2009).

“The history of the Bass Pro Shops could only happen in America — the country of free enterprise where the system itself business rewards such virtues as hard work, commitment to values, innovation and friendly service” (in a conversation with Bloomberg, 2013).

“I want our brand has stood the furthest distance. Does this mean that sooner or later I have to go on exchange? Not sure, but more importantly, what we should proceed, that the interests of the company. Say today, say, no, we must always remain a private business, it would be wrong. You need to constantly examine the circumstances around” (in an interview with Springfield Business Journal, 2015).

Livin ‘ on the edge

However, in the early 1970s, years johnny Morris was only a Department in his father’s shop and a wagon full of homemade lures and equipment. To move beyond regional trade “for their” in 1974, he ordered the printing of the first batch of catalogs Bass Pro Shops, which were sent mail order. Initially, the audience of these directories were fishermen from neighboring States who came to the lake table Rock and familiar with Morris, who planned to choose a new bait is not on the way back through Springfield and at home, in a relaxed atmosphere.

Nationally famous Morris acquired in 1978, when came up with the idea to create a small, cheap and mass model of a boat made of aluminium, adapted specifically for anglers fish. “It was the biggest gamble in the history of the company”, recalled then a businessman. Included with the boat “the load” was sold motor and trailer, and sales are made primarily through the same directories. In the end, the gamble proved successful, and this model, called Bass Tracker, has become one of the most popular fishing boats in USA.



U.S. President George W. Bush visits Central store Bass Pro Shops in Springfield, Missouri. The photo was taken in February 2004, shortly after the re-election of Bush for a second term Photo: Reuters/Pixstream

After a few years, Morris took another risky decision, which also affected the growth of his business. In 1981, he decided to invest surplus funds in real estate and bought in Springfield 7.5 thousand sq. m of retail space. For a while he didn’t know what to do until he spied, like other retailers develop the space of a trading hall: aquariums, waterfalls, exhibitions and so on.

As later recalled the businessman, he had certain doubts that banks will be willing to provide a credit line “all this beauty”, at least because he had no plan of return of investments. However, steadily rising revenue (in particular from the boat business) played on his arm and allowed to make a loan. Since the opening in 1982 of a new store in Springfield, its area is increased six times and now stands at more than 46 thousand square meters.

Morris remains a keen fisherman. Realizing that passion sometimes gets sober to do the finances, he hired Jim Chagala to the position of chief operating officer. His task himself, Hegel describes as follows: “to bring a little discipline to the vision of the business without diluting with this very concept, otherwise we turn into the usual sellers of rifles and rubber worms.” The explosive expansion of Bass Pro Shops across the United States occurred just after coming Hagala in the early 2000-ies. This is partly due to the fact that the previous decade, the Corporation saved power by opening new points every couple of years.

Lord of war

The crisis of 2008 has adversely affected the Affairs of Morris. According to him, about a third of potential clients were unable, for example, to take a loan to buy the boat. The pace of opening new stores fell from eight to two pieces a year, began reducing staff. The improvement of the economic situation in the United States in early 2010-ies again has led to the growth of the business. 2015 in just one year the network added six stores, one of them is in canadian Dieppe, another to the already mentioned “Pyramid” in Memphis, which is the shopping area (almost 50 sq. m.) exceeded the Central store in Springfield.

“The difference between Bass Pro and traditional retailers lies in the purpose of the visit. A trip to the store of Morris is in every sense of the word a family pastime, this is an element of entertainment,” — said in comments to Bloomberg analyst at Standard & Poor’s Christina Kostunici.

The image of Morris as a family entertainment centre with cafes, fountains and master classes — is in a strange neighborhood with an extensive division of hunting equipment that is present in each outlet. Selling weapons for Morris is not a priority of the business, but the opportunities of open implemented, it uses in full, especially after a surge in demand for firearms.

On this basis, sometimes there are serious scandals. For example, James Holmes shot and killed in 2012, 12 people in the cinema town Aurora (Colorado), part of his Arsenal of legally bought Bass Pro Shops in Denver. Subsequently, a group of senators sent a leading gun shops (including Bass Pro Shops and bought the network is now Cabela’s) asking them to waive their right to sell weapons, if the test customer loyalty will be delayed more than three days.

Morris not publicly commented on the problem of free sale of weapons. However, it cooperates with the National rifle Association (NRA), which is the main lobbyist to preserve the right to keep and bear arms. With 2013 in the Central store Bass Pro Shops in Springfield operates one of the three museums of the NRA, which presents more than 1 thousand samples of weapons, including personal rifles American presidents.



The sports-concert complex “the Pyramid” in Memphis, Tennessee. In April 2015 Bass Pro Shops opened in the “Pyramid” own the largest store area of 49 thousand sq. m Photo: Reuters/Pixstream

John Morris in numbers

$3.9 billion — as Morris October 2016

94th place is Bass Pro Shops among the largest private companies in the US

$189 million — net profit Bass Pro Shops for 2015

$10 million cost of the first batch of goods purchased by Morris

22 thousand employees work in its stores

49,2 thousand square meters — the area of the largest store of Morris in Memphis

5 million liters — the volume of the aquarium under construction in the Central store of Morris in Springfield

Sources: Bloomberg, Forbes, The Wall Street Journal, company data

 

New head of AVTOVAZ announced plans to replant taxi drivers on Lada



Lada Vesta

Photo: Oleg Yakovlev/RBC

AvtoVAZ plans to enter into an agreement with a major taxi aggregator in analogy to contracts with Volkswagen and Toyota with Gettaxi, Uber, said its President, Nicolas Moore. If you convince taxi drivers to use Vesta, it will help to attract new customers, he said

AVTOVAZ “has plans” to enter into agreements with the companies, aggregators taxi, said in an interview with RBC AVTOVAZ President Nicolas Moore. “If we can convince the taxi drivers to use Vesta, it will show the customers in airports, railway stations and on the streets, sitting in a Lada is not the same as sitting in the old “Zhiguli” or even “Samara”, — he said.

Moore did not name potential partners, but noted that negotiations will take several months: “We want to do it quickly.”

In may it became known that the German automotive concern Volkswagen has invested $300 million in the online service taxi service Gettaxi and agreed with the company on “strategic partnership”. In particular, it is assumed that the customers Gett will be offered “better conditions for cars of the brand Volkswagen.” Shortly before the American General Motors invested $500 million in mobile service for taxi Lyft. Almost at the same time, the Japanese Toyota announced about investments in Uber and partnership with the company, which involves the leasing of cars available for Uber drivers (the amount of investment Toyota has not disclosed).

A representative of one of the largest in Russia of the services of online taxi “Yandex.Taxi” Elina Stavisky told RBC that the company was “not aware” of plans of AVTOVAZ and is not negotiating with the manufacturer. Representatives Gett and Uber declined to comment. But sources in these companies assured that also do not negotiate with AVTOVAZ. A source close to Gett, explained that the agreement with Volkswagen service has fairly strict conditions that do not allow to enter into partnership agreements with other car manufacturers.

According to Maura, change the image of Lada, one of its main objectives, and partnerships with taxi services can help. “We need to change the image of Lada, to become not only a symbol of the Soviet Union 50 years ago, but to be perceived such what it is now — as a Russian brand with global technology filling machine with unmatched value and quality for the consumer. That’s all that we have to do, especially in communications with the consumer,” he said.

As the main competitors of AVTOVAZ Moore called the Korean brands (Hyundai and Kia), which, according to him, Lada does not concede on technical characteristics. “The quality in AVTOVAZ cars comparable with international manufacturers — B0 line in Togliatti are produced not only Lada, but also Renault and Nissan cars” — adds the Vice-President of AVTOVAZ for external relations, RAF Shakirov. For engineering at AVTOVAZ meets German Harald grübel, for quality — Japanese expert Shigeru Nakamura, and for the design of Englishman Steve Mattin, at the time, created the Mercedes S-class “Scout” and Volvo, he says.

Read more , see the interview with Nicolas Mora: “People have to believe that the Lada is not a bad choice”

The government issued a Directive on the purchase of Bashneft by Rosneft



First Deputy Prime Minister Igor Shuvalov

Photo: Alexei Druzhinin/TASS

Large-scale privatization

Dvorkovich has confirmed plans to collect in the budget income from the sale of “Rosneft”
Yesterday, 11:52


Raiffeisenbank predicted shortage of currency because of the scheme of sale of “Rosneft”
5 Oct, 20:57



97 more materials

The Directive requires state representatives on the Board of Directors of “Rosneft” to vote for the purchase of a controlling stake of “Bashneft”. Igor Sechin instructed to sign the contract and get all the approval for the transaction until 15 October

First Deputy Prime Minister Igor Shuvalov has approved a government Directive, according to which the state representatives in the Board of Directors of “Rosneft” prescribed for voting to support the purchase by a controlling stake of “Bashneft”, follows from the messageposted on the government website.

The representatives are instructed to vote for the purchase of state-owned shares “Bashneft” in 50,0755% of the share capital of the company, the price should not exceed 330 billion rubles, the report says.

According to the second Directive, the representatives of the States must vote to instruct the head of the company Igor Sechin to 15 October 2016 to receive the approval of all regulators and sign the contract of purchase and sale of shares of “Bashneft”.

Two sources in the Ministry told RBC that the Directive Shuvalov signed on 1 October. That day, the Board of Directors of “Rosneft” has approved participation in a “substantial deal”. The company announced on 4 October, without revealing the details of the transaction.

A Federal official told RBC that the Directive is permissive is an indication that Rosneft may participate in the transaction on privatization of “Bashneft”, but all details of the transaction, including whether auction or direct sale will be listed in the order of the government, which will be released separately. Of time the source is not indicated.

The source of RBC in the Ministry also confirmed the permissive nature of the Directive, adding that she doesn’t mean a direct sale of the asset is Rosneft, and we should expect government regulation, which indicate the structure of the transaction.

“Until October 15 to have time to obtain all the necessary approvals to close the transaction. The Board of Directors of Rosneft has approved it” — says one of the interlocutors RBC.

Initially, the government planned to sell state-owned shares “Bashneft” in the September-October 2016. E&Y at the request of the organizer of the deal, “VTB Capital” has estimated a package in 297-315 billion RUB applied LUKOIL, the Independent oil and gas company, Fund Energy, Antipinsky oil refinery, RDIF, “Tatneft”, “Tatneftegaz” and “Rosneft”. However, the participation in the privatization of “Bashneft” was called into question: in particular, it was opposed by Deputy Prime Minister Arkady Dvorkovich and presidential aide Andrei Belousov.

“It’s kind of stupid to “Rosneft” was involved is one of state company participated in the privatization of other”, — said Belousov, who also holds the post of Chairman of the Board of Directors of “Rosneft”.

In mid-August, the government postponed the privatization of “Bashneft” for an indefinite period. September 30, Igor Shuvalov saidthat the process of sale of “Bashneft” renewed and “Rosneft” approved for privatization. 3 October, “Kommersant” with reference to sources wrotethat the government is considering the sale of “Bashneft” directly “Rosneft” approximately 325 billion rubles ($5.2 billion).

The Central Bank estimated the impact of the purchase of Bashneft by Rosneft on the exchange rate



Photo: Maksim Blinov/RIA Novosti

Selling currency Rosneft to buy a controlling stake in Bashneft may cause temporary strengthening of the ruble, said the first Deputy Chairman of the Central Bank Ksenia Yudaeva. This influence, according to her, will be small and temporary

Selling currency Rosneft to buy the state-owned controlling stake of “Bashneft” can cause the strengthening of the ruble, said the first Deputy Chairman of the Bank of Russia Ksenia Yudaeva in an interview with Bloomberg.

“This may have little impact on the ruble, which other things being equal, maybe a little stronger temporarily, but nothing more”, — said Yudaeva.

On Friday, according to 14:58 MSK on the Moscow stock exchange rate of the dollar against the ruble has appreciated by 0.55% to 62,429 rubles per dollar, the Euro was up 0.43% and was trading at 69,553 RUB for Euro.

Thursday, October 6, it became known that the government issued a Directiveto allow “Rosneft” to buy of 50.08% of shares of “Bashneft” at a price not higher than 330 billion roubles (originally the consulting company E&Y estimated the package to 297-315 bn). According to the guidelines, the members of the Board of Directors of Rosneft representing the state, should vote for this deal and to instruct the head of the company Igor Sechin until October 15 to sign the contract of purchase and sale.

In addition to government’s stake in Bashneft, the government plans to sell 19.5% of Rosneft shares. “Vedomosti” on Wednesday announcedthat the government is discussing the scheme, involving the purchase by company of its own shares from Rosneftegaz for RUB 700 billion and its subsequent sale to a strategic investor or parts on the market. In turn, analysts Raiffeisenbank warnedthat such a scheme of privatization may cause the risk of shortage of currency in the market.

There are two mechanisms for performing such transactions: “will selling currency on the open market, and it will be a settlement with the budget in rubles, or the budget will receive money in foreign currency, then conversion into rubles directly to the Central Bank”, explained Bank analyst Denis Poryvai. According to him, none of them can not be called comfortable for the Russian market. “In any of these options the currency from the local market somehow goes accordingly, there will be a deficit of foreign exchange liquidity. It’s hard to say what will happen. Part of the currency Rosneft may sell, it will cause the strengthening of the ruble, and may not sell, may be a weakening of the ruble. This volatility negatively affected the market participants, their expectations,” — said the analyst.

Chapter Rosmolodezh will go to work in the state Duma



The Head Of The Federal Agency For Youth Affairs Sergey Pospelov

Photo: Nikolay Alexandrov/RIA Novosti

The head of the Federal Agency for youth Affairs Sergey Pospelov will go to the state Duma for the post of Deputy head of the apparatus, the sources of RBC. His place in Rosmolodezh is the current Deputy head of the Agency Alexey Palamarchuk

Head of the Federal Agency for youth Affairs (Rosmolodezh) Sergey Pospelov leaves his post and goes to the State Duma, where he will become Deputy chief of staff of the Parliament. About it told RBC two sources close to the presidential administration of Russia.

Pospelov is considered close to the former first Deputy head of the presidential administration Vyacheslav Volodin that October 5 became the speaker of the state Duma, said one of the interlocutors RBC. Therefore, according to him, the transition Pospelova in Parliament looks to be logical.

The new head of Rosmolodezh will be assigned one of two zamrukovoditelja Agency Alexey Palamarchuk, said the interlocutors RBC.

Earlier media reported that the transition Volodin from the Kremlin to work in the Parliament may lead to the transition of the employees of the presidential administration in the apparatus of the state Duma.

For example, at the end of September it became knownthat head the apparatus of the state Duma can the head of the internal policy of the presidential administration Tatiana Voronova. However, until now this information was not confirmed.

The Kremlin commented on the possible return of Russian bases in Cuba



Photo: Reuters/Pixstream

Press Secretary of the President Dmitry Peskov commented on the statement by Deputy defense Minister Nikolai Pankov, admitted the possibility of the return of Russian bases in Cuba and Vietnam. The international situation is rather fluid, said Sands

In response to recent changes in the international environment and international security, the countries must take the necessary measures, based on their interests. This was stated press Secretary of the President of Russia Dmitry Peskov, answering journalists ‘ questions about the possible deployment of Russian military bases in Cuba and Vietnam, reports “RIA Novosti”.

“The international situation — it is not static, but rather fluid. You can see that the last two years has made at all in international Affairs and international security significant changes, so naturally, all countries, in accordance with its national interests, assess these changes and take certain measures in that direction, which I think is necessary”, — said Peskov told reporters.

The issue of Russian military presence in Cuba and Vietnam, the Sands offered to ask the Ministry of defense. Earlier Friday, Deputy head of the Ministry of defense Nikolai Pankov admitted the possibility of the return of bases in Cuba and Vietnam.

Punk spoke about this, answering a question of journalists in the state Duma. “We engaged in this work. We see this problem”, — said the Deputy Minister of defence.

Earlier, the head of the defense Ministry Sergei Shoigu said that Russia plans to develop military bases abroad, particularly in Kyrgyzstan, Tajikistan and Armenia. The President Vladimir Putin in the summer of 2014 said that Moscow has no plans to rebuild base in Cuba.

This spring, deputies from the Communist party Valery Rashkin and Sergei Obukhov sent a request to the head of state, Ministers of defense and foreign Affairs with a proposal to resume the work of the bases in Cuba — electronic center in Lourdes, as well as to place on the island of Russian missile systems. Deputies referred to the US plans to place missile launchers in the South-East of Turkey.

Cuban radio-electronic center in Lourdes (a suburb of Havana) was a major first the Soviet and then the Russian electronic intelligence center. On the basis of the Vietnamese Cam Ranh Bay was based 17th operational squadron of the Navy, this database allowed the Pacific fleet to control the South Pacific and the entire Indian.

In 2001, Vladimir Putin announced the elimination of bases in Cuba and Vietnam. However, in 2014, after the strained Russian-American relations — talks about the possibility of restoring the base at Lourdes was resumed. In the summer of 2014, “Kommersant” reported that Moscow and Havana reached an agreement in principle to return to the use of a Russian base in Cuba.

Around the same time, in 2013 Russia and Vietnam signed an agreement to establish a joint base for the maintenance of submarines in Cam Ranh Bay, and a year later — the rules of use of Russian warships to this database in a simplified manner. With 2014 on the Vietnamese database maintained Russian planes Il-78, providing air refueling of the Tu-95MS bombers.

Bringing “swamp thing,” the investigator received a promotion



Major-General of justice Mikhail Gurevich

Photo: Vladimir Fedorenko/RIA Novosti

Major-General of justice Mikhail Gurevich who signed the decision about excitation of the “Bolotnaya case”, was appointed Deputy head of the main investigation Department of the TFR. He will lead the Department on investigation of especially important cases about crimes against the person

The President of Russia Vladimir Putin has appointed major-General of justice Mikhail Gurevich for several months headed the investigative group on the “swamp case”, Deputy head of the main investigative Department of the investigative Committee of Russia (TFR) — the head of management on investigation of especially important cases about crimes against the person and public safety. The corresponding decree posted on Friday on the official Internet portal of legal information.

Earlier, Gurevich was the senior investigator for particularly important cases when the Chairman of the TFR. He signed the decision about excitation of criminal case after clashes on Bolotnaya square in may 2012. When it began the first investigative actions, searches and detention of the defendants. Gurevich and Rustam Gabdulin signed key documents in the case, including the charges against the defendants in the accusation and petition to the court about their arrest.

The same presidential decree, the head of the center for special purpose rapid reaction forces main Directorate of the interior Ministry — head of the Moscow special troops Dmitry deynichenko, who was a witness in the “Bolotnaya case”, was dismissed.

Deynichenko was the head of the center of special purpose GU MVD in Moscow since December 2012. In may of that year, when clashes broke out on Bolotnaya square, he was Deputy head of the operational headquarters in Moscow and was engaged in the preparation of the plan of the event with the organizers.

6 may deynichenko were on Bolotnaya square and later provided a background on the results of the action, which stated that “emergencies are not approved”.

Medvedev declared the remark to the Deputy Medina



First Deputy culture Minister Vladimir Aristarkhov

Photo: Michael Pochuev/TASS

Prime Minister Dmitry Medvedev declared the remark to the Deputy Minister of culture Vladimir Aristarkhov. The comment has a link to the article of the law on civil service, which deals with conflicts of interest, the source said RBC

The head of the government Dmitry Medvedev signed a decree declaring the comments of first Deputy Minister of culture Vladimir Aristarkhov. The document published on Friday on the official Internet portal of legal information.

“In accordance with article 59 of the Federal law “On state civil service of the Russian Federation” to declare the remark to the Deputy Minister of culture of the Russian Federation Aristarkhov Vladimir Vladimirovich”, — the document says. Reason comments it is not specified.

The Prime Minister said the reference to article 59.1 of the law on civil service, told RBC source in the government. The article is entitled “Penalty for violation of restrictions and prohibitions, requirements on prevention or settlement of conflict of interests and failure to perform duties prescribed in order to counter corruption.”

September 26, RBC wrote that the interior Ministry found in the work Aristarkhova and his brother Andrew in the system of the Ministry of culture signs of crimes at once under two articles of the criminal code: abuse of official powers (article 285 of the criminal code) and exceeding official powers (article 286 of the criminal code).

In response, Deputy interior Minister Anatoly Vanechkina at the request of the Deputy of the state Duma Alexander Ageev said that information about the presence of activities Aristarkhovich evidence of a crime was received from acting Deputy chief of GU MVD in Moscow, the head of Department of criminal investigation Department Igor Zinoviev.

The audit materials were forwarded to the Investigative Committee, however, on 29 September the Department stated that do not investigate cases and does not conduct pre-investigation checks against the brothers Aristarkhovich.

Andrey Aristarkhov was headed by one of the leading restoration structures — JSC “Restoration company” that gets from the structures of the Ministry of culture major contracts for restoration, and had previously worked on construction projects in Millhouse Capital of Roman Abramovich and was a member of the Board of Directors of the Moscow oil refinery.

In may of this year deputies of the state Duma from the Communist party Sergei Obukhov and Valery Rashkin asked the FSB and the Prosecutor’s office to verify Vladimir and Andrei Aristarkhovich for possible conflict of interest. In July it became known that Andrey Aristarkhov resigned from “the Restoration company”.

According to estimates RBC, “the Restoration company” in the autumn 2014 to March 2016 have signed contracts for restoration in the amount of 1.2 billion rubles According to the Ministry of culture, in 2013 from the budget for restoration of monuments of history and culture it has been allocated 7,7 billion rubles, in 2014 to 9.5 billion in 2015 9.7 billion in 2016, this will go to about 6 billion rubles.

A government source suggests that it claims to Vladimir Aristarhova and Andrew Aristarhova outlined in several parliamentary inquiries to law enforcement agencies, and became the occasion for the announcement comments.

In a press-service of the Ministry told RBC that the Agency “investigate the situation”.