SocGen makes buyout offer to Rosbank shareholders
France's Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz), which holds a controlling stake in Russia's bank Rosbank (ROSB.MM: Quote, Profile, Research, Stock Buzz), has offered to buy the stakes of minority shareholders at 194.09 roubles per share, Rosbank said on Tuesday.
Russian tycoons Vladimir Potanin and Mikhail Prokhorov, who had controlled Rosbank, are currently the largest minority shareholders. Rosbank shares closed at 184.49 roubles ($7.68) per share on Monday.
Societe Generale closed a deal to buy about 30 percent of Russia's Rosbank from Russian firm KM-Invest for $1.7 billion in February. Societe Generale previously held a 20 percent stake.
The French bank has said once the deal is completed it would make a mandatory offer to Rosbank's minority shareholders to lift its stake in Rosbank to 57.8 percent.
KM-Invest manages some assets belonging to Prokhorov and Potanin, who are enmeshed in a complicated process to divide their assets, including metals giant Norilsk Nickel (GMKN.MM: Quote, Profile, Research, Stock Buzz) and Russia's top gold producer, Polyus Gold (PLZL.MM: Quote, Profile, Research, Stock Buzz).
