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Prokhorov to Sell 50 Percent in KM Invest to Ex-Partner

13.05.2008
Mikhail Prokhorov will accumulate $10 billion in cash by the end of this week. He will generate a half of the amount by selling the assets to Vladimir Potanin, transferring roughly $700 million to the budget, RIA Novosti reported referring to Vedomosti.

ďThe epic of a year and a half with the split of KM Invest assets between Vladimir Potanin and Mikhail Prokhorov is nearing the end. Spokesmen of Prokhorovís Onexim and Potaninís Interros confirmed yesterday that Prokhorov will sell 50 percent in KM Invest to Potanin by May 15.

At the same time, Prokhorov will buy out 27.5 percent in Otkrytye Investitsii (Open Investment), 91 percent in Soglasie insurer and 100 percent in Rosbank Asset Management Co. The Federal Antimonopoly Service sanctioned the deals yesterday.

KM Invest Holding owns and manages the assets worth roughly $14 billion, including 8 percent in Norilsk Nickel, 7.6 percent in Polus Zoloto, 57.8 percent in Otkrytye Investitsii, 100 percent in Prof-Media, 100 percent in Interros-Estate, 98.1 percent in Roza Hutor, 91.1 percent in Soglasie insurer, 25.8 percent in Rusia Petroleum and roughly 38 percent in Rosbank.

The parties havenít disclosed the deal budgets. But a representative of Onexim specified that Prokhorov will pay roughly $700 million as the tax on the sale of KM Invest. As the businessman directly owns the stocks, he will have to pay the 13-percent tax, the lawyers explain. Given that amount, the overall budget of his deal with Potanin could be some $5.4 billion.

So, Prokhorov will accumulate roughly $10 billion after the deal. He sold 25 percent in Norilsk Nickel to UC Rusal less than a month ago and received $5 billion in addition to 11 percent in Rusal.


Source: Kommersant

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Commentary and opinions: a selection of excerpts from speeches and presentations by Mikhail Prokhorov