Aeroflot cannot buy Transaero: shareholders of Transaero failed to collect the required shares
Shareholders of Transaero airline thwarted term of the offer to repurchase by Aeroflot 75% + 1 share for 1 ruble. According to Kommersant newspaper, the owners have not been able to gather the necessary shares. One of the reasons the sources of "Kommersant" believe that 25% of "Transaero" are pledged with VTB bank, the other - the differences between creditors on debt restructuring of the carrier.
Yesterday consideration of an offer to buy 75% plus 1 share of Transaero expired.
Remediation of Transaero through the purchase controlling interest by Aeroflot was previously approved by inter-ministerial commission headed by First Deputy Prime Minister Igor Shuvalov. The company has already passed under the administration of the sanatorium: Aeroflotey took on key positions its managers. Moreover, differemt schemes of absorption of Transaero are actively discussed (for example, entering into a joint subsidiary of Aeroflot, together with other companies of the group).
But the deal stalled at the start. As sources say, shareholders of Transaero failed to collect the required shares. One reason, according to them, was the fact that 25% of the carrier's shares are pledged with VTB. Sources say that "the Bank has arranged an option to restructure the debt of the carrier for a period of 15-20 years, but not the sale for one ruble." Although VTB assured that the delay in the offer is not associated with the position or actions of the bank and the bank supports scheme of consolidation of carriers and the assignment of ownership of shares of Transaero and is actively working with other lenders on restructuring its debt.
Delays may also be related to the fact that minority shareholders of Transaero are not willing to get rid of the shares. One of them is the co-owner of Vnukovo Airport Vitaly Vantsev (owns 4.5% of Transaero, he said yesterday that the company is required to buy shares of major shareholders and possibly minority. According to him, they may receive shares of the new company, with consolidated subsidiaries carrier of Aeroflot. Mr. Vantsev named two new deadlines - 1 October and 1 December, when strategically it will be possible to understand the configuration and schema of reorganization of the company. By October 1, according to him, the banks, Aeroflot and the government must approve all agreements, it is also about debt restructuring (for this working group, the financial adviser acts Savings Bank).
Sources of Kommersant, close to the situation said that if an agreement will be reached with the creditors, the state is ready to provide guarantees for liabilities of Aeroflot, it could be about 85 billion rubles. It was discussed laso upon decision on the purchase of Transaero.
According to the head of Infomost Boris Rybak, if Aeroflot will take legally significant commitments on the absorption, its market capitalization will fall, the risks will increase, "which can lead to pre-default state." As the most rational exit expert found bankruptcy of Transaero, meanwhile Aeroflot and other companies will be able to carry its passengers.
Yury Mishchenko, graduated from Moscow Institute of Foreign Languages, has more than 15 years experience in tourism and travel. Working both in tour operator company as destination manager, and in travel agency as sales manager, he is focused on analysis of Russian tour operators’ daily routine. Recently, Yury works in Baginet Marketing and Sales Agency.