Gazprom (OTCPK:OGZPY) sold 2.9% stake in its subsidiaries, Gazprom Gerosgaz and Rosingaz to a single buyer at a discount of 5% to the market price and raised ~$2.2B.
The company had set a price of 200.5 roubles ($3.18) per share for the deal
Gazprom said that the two subsidiaries would offer a combined stake of 693.6M ordinary Gazprom shares, or just under 3%, and its free share float would rise to 46.02% after the stake sale.
“A reasonable price… but far below what we think the stock is worth,” Citibank analyst Ronald Smith said in a note. “We see Gazprom as being worth approximately 50% more than the current price.”
Smith also said that it was not clear why Gazprom, controlled by the Russian state, was conducting the offering now, as the company had around $28 billion of cash and near cash equivalents on its balance sheet at the end of the first quarter of this year.
“Given the amount of the deal, it could be assumed that this was a large buyer who does not plan to sell the stake immediately,” Promsvyazbank analysts said in a note.
A 6.36 se realizó la venta. Citibank especula con un 50% de upside... 9.54 sería el target. Yo lo veo alcanzable en el corto/mediano plazo. Y después sentarse a ver los nuevos proyectos y proyecciones de ingresos ahí decidir si quedarse o salir. El tema es que no hay muchas cosas que me gusten para migrar.