MTS have allowed to buy Comstar-OST
The estimation "Comstar-OTS" is yet ready, the director for public relations of MTS Elena Kohanovskaja speaks, and due diligence can occupy even two-three months.
As she said, MTS advise PricewaterhouseCoopers and lawyers Cleary Gottlieb Steen and Hamilton LLP and «right Lines». Besides, among advisers banks ING and Morgan Stanley, are added by a source close to participants due diligence. The decision on purchase will be accepted by independent directors of MTS, reminds Kohanovsky; if it will confirm, MTS expects to finish the transaction till the end of a year. The size of a package and the purchase scheme are not defined yet, the Sheet newspaper writes
Under the law at purchase more than 30 % of actions the buyer is obliged to make the offer minoritariyam. But if MTS decides to be limited to acquisition of 51 % of "Comstar" at AFK "System" can make it: the offer is unessential, if the transaction does not conduct to change of the final owner of a package (it remains AFK). But the same circumstance gives the chance to recognise purchase by the transaction with interest, after all "System" owns more than 20 % of MTS. Then, if the transaction sum will exceed (for March, 31st it was 5,85 mlrd rbl., or $188 million at a today’s course), the transaction its shareholders approve 2 % of balance cost of actives of MTS. Market cost of 51 % of "Comstar" has made yesterday $0,88 billion Making out the transaction on "daughter", MTS can avoid convocation of meeting of shareholders, partner Lidings Tatyana Bicheva speaks. Then she should not and redeem own actions at those shareholders who can protest. The transaction in any case will pass in strict conformity with all corporate procedures of the public company, promises Kohanovsky.
