MOSCOW (MRC) - SIBUR's deal with TAIF is expected to close in September, Finam reports, citing Leonid Mikhelson, co-owner and head of the board of directors of SIBUR Holding, during a briefing at the SPIEF.
“We expect the deal to be closed, there are a lot of procedures to be done, sometime in September,” he said. The remaining 49% stake will be purchased later. In addition, it became known that an IPO of the SIBUR petrochemical holding this year is unlikely. "SIBUR's IPO this year is unlikely, most likely it will happen in 2022. We will accelerate with this issue," L. Mikhelson also said. SIBUR began preparations for the placement of its shares on the stock exchange in 2018. The company has hired several banks to advise on the matter, but the exact timing and details of the IPO were not disclosed.
The largest petrochemical holdings in Russia - SIBUR and TAIF - in April announced plans to combine their assets. Within the framework of the merger, a company will be created on the basis of SIBUR Holding, in which the current shareholders of TAIF PSC will receive a 15% stake in exchange for the transfer of a controlling stake in a group consisting of petrochemical and energy enterprises. The remaining stake in TAIF can be subsequently purchased by the merged company.
It was also noted that the combined company of SIBUR and TAIF will include the parent company of the Tatarstan group, its two chemical plants and an energy company. On the part of TAIF, the following companies will join the merged company: TGK-16 JSC, Kazanorgsintez PJSC, Nizhnekamskneftekhim PJSC and TAIF JSC. The oil complex of TAIF-NK PSC is not included in the deal with SIBUR.
SIBUR is the largest vertically integrated gas processing and petrochemical company in Russia, uniting a number of production sites in various regions of the Russian Federation. The company sells products to consumers in the fuel and energy complex, automotive, construction, consumer goods, chemical and other industries in more than 80 countries around the world.
PSC "TAIF" was established in 1995, is the parent company of the group of the same name, which includes enterprises structured in four business areas: oil and gas processing, chemistry and petrochemistry (energy); investment and financial services; building; telecommunications and complex services, including trade. TAIF Group of Companies is a large Russian holding that controls 96% of the chemical, petrochemical and oil and gas processing industries in Tatarstan. The most important of its areas is the Chemistry, Petrochemistry and Oil and Gas Processing Division, which includes the leading Russian polymer producers Nizhnekamskneftekhim and Kazanorgsintez.
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