In terms of the placement price, top managers of Rosneft bought out the stake worth $14.3 million.
Photo: Valery Melnikov
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Rosneft Managers Took Gazprom for a Model
Rosneft top managers and directors bought out 0.02 percent in it valued at $14 million via the IPO. Of interest is that Rosneft President Sergey Bogdanchikov acquired less than others, while the stake of Rosneft Independent Director Hans-Jorg Rudloff proved the largest. Such low acquisition of the management prompts to suppose that Rosneft bosses were told to follow Gazprom example of ownership, where the BOD and the management committee owns around 0.02 percent on aggregate.
The state-owned oil company of Russia, Rosneft, disclosed Monday the size of the stakes owned by its bosses. Seven top managers of Rosneft, including its President Sergey Bogdanchikov, Vice President and Board Deputy Chairman Nikolay Borisenko, four members of the board (Stepan Zemlyuk, Sergey Kudryashov, Sun Ne Kim, Anatoly Baranovsky) and Hans-Jorg Rudloff from the BOD, acquired 0.0179 percent in the company via the IPO. Bogdanchikov bought less than others to own just 0.0013 percent, while Rudloff got as much as 0.0071 percent.
The stock capital of Rosneft, the sources say, will comprise 10,568,108,379 stocks after the IPO and consolidation but without the option granted to banks that arranged the IPO. On August 11, the banks announced they acquired 31,189 362 stocks of the 52,980,132 offered. Therefore, Rosneft will have 10,599,287,741 stocks in the stock capital once the treasury stocks are paid up in time of consolidating subsidiaries.
So, the bosses of Rosneft probably spent $14.3 million on aggregate during the IPO. Bogdanchikov acquired the stocks worth $1.04 million, paying five fold less than Rudloff ($5.7 million).
But Bogdanchikov vowed some time earlier that he was ready to spend a third of the saved funds for Rosneft. Therefore, either he wasn’t allowed to do it or the worth of his fortune slightly exceeds $3 million. The Forbes names no Bogdanchikov in the list of the richest people, so even approximate evaluation of his wealth causes difficulties. But one thing is clear - the president of Rosneft hardly has just $3 million.
The root cause could be that Bogdanchikov was advised against buying a lot of Rosneft. This conclusion appears most probable also because the greatest stake was acquired by the alien, who might have escaped explicit instructions of the Kremlin.
Top managers of Gazprom, by the way, also own 0.02 percent in their company on aggregate.
www.kommersant.com
All the Article in Russian as of Aug. 29, 2006
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