Tele2 shareholders discuss transferring control to Rostelecom; VTB in talks to change stake (translated)
Tele2 shareholders are discussing the possibility of transferring the control of the Russian mobile teleco to Rostelecom [MOEX:RTKM], the state-run telecom operator, reported Russian newspaper Vedomosti.
The paper cited Yuri Soloviev, first deputy chairman of VTB Bank [MCX:VTBR] management board.
At present, VTB is not considering an exit from Tele2, but it is holding discussions about changing its stake, according to Soloviev.
Rostelecom currently owns a 45% stake in Tele2. The remaining shares are owned by Tele2 Russia Holding AB, in which VTB owns a 50% stake, Alexey Mordashov’s Invintel BV owns 40%, and 10% is owned by Yuri Kovalchuk’s Bank Rossiya.
VTB has previously denied discussions on the transfer of control in Tele2, and announced it did not intend to change its stake, the paper reported. The main seller of Tele2 shares may be Bank Rossiya, the paper reported.
Vedomosti has earlier learned from various sources that most likely, the stake in Tele2 will be sold to Rostelecom by Bank Rossiya.
According to two of these sources, the deal may involve treasury shares owned by Rostelecom’s subsidiary Mobitel.
A Raiffeisenbank analyst, cited in the report, estimated that the book value of Tele2 assets is about RUB 140bn (USD 2.45bn). However, the company’s net debt stands at RUB 126.5bn (USD 2.21bn).