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Forum bulletin

Baltiysky Zavod and Severnaya Verf were not sold

June 24, 2010

According to Delovoy Peterburg (Business Petersburg), United Shipbuilding Corporation renounced purchase of controlling interests of Baltiysky Zavod and Severnaya Verf offered by United Industrial Corporation. The deal was not closed since parties were divided in estimated value of these assets.

According to Igor Ryabov, head of OSK press-service, the corporation was not satisfied with asset price set by the owner – RUR 88.9 bln.

As initially estimated by OSK on Friday, the fair value of 88% of shares of OAO Severnaya Verf, 72% of shares of OAO Baltiysky Zavod, and 75.8% of shares of Iceberg Design Bureau does not exceeds RUR 23 bln. And now OSK believes this figure to be overstaged.
“According to our estimates, the gross operational profit of all three enterprises is RUR 5 bln,” said Igor Ryabov, “Since their overdue loans amount to hundreds of millions rubles, we do not think the transaction amount could exceed this figure.”

According to Dmitry Morochenko, OPK spokesman, negotiations on sale of shipbuilding enterprises have not been completed. He says that this week counseling between Vice Prime Minister Igor Sechin which is the head of OSK Board of Directors) and OPK owner Sergey Pugachev is to take place.

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