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The failure to sell nearly 54% of the shares of Alro Slatina, owned by the Russian oligarch Vitali Maşitski via Vimetco and Conef, is the result of several negative international and local conjunctions, according to an analysis by G4Media.ro. In recent months, several initial public offerings failed due to difficult market conditions, the United States imposed sanctions on the affairs of Russian businessmen and the trade war between the United States and the United States. Europe directly affects the aluminum market. Internally, uncertainty about the future of private pension funds (Pillar 2) has led to the interest of these key investors in Alro's offer and the price demanded by shareholders was judged too high by other institutional investors
- . ALRO was at the center of a major public scandal in President Basescu's mandate, accused of helping the company get cheap energy at the interventions of Elena Udrea and her ex-husband , Dorin Cocos. The external factors that led to the failure of the Alro offer also contribute to "the adverse evolution of the course of aluminum over the past three months, while it" has fallen by more than 15%, and the unfavorable context of emerging capital markets, "said Gabriel Aldea, head of the TradeVille brokerage department, for G4Media.ro, according to G4Media.ro.
At the same time, Russians decision to try to give up control of the Alro stock market comes in the context in which the United States imposed sanctions on the affairs of several Russian oligarchs such as Vladimir L. Bogdanov, Oleg V Deripaska, Suleiman A. Kerimov, Igor A. Rotenberg, Kirill N. Shamalov, Andrei V. Skoch and Viktor F. Vekselberg, 19659004] There could be possible US sanctions and property rights in Vitali Maşitski the owner of Alro, shows an analysis of Ziarul Financ and .D In those conditions, the sale of the majority of the aluminum producer's shares led investors to believe that the Russian owner was forced to sell, which caused the price that they were willing to pay to fall [19659004]. In contrast, Alro proposed a maximum bid price of 6.18 lei / share, which estimated the company 's value at nearly 1 billion euros. Today, for example, Alro shares sold 3.4 lei, which estimates its value at just over half a billion euros. "The price asked by the sellers was considered too high, especially by institutional investors, and they may have expected a higher discount," says Aldea, in the context that the minimum price accepted by sellers was 3.5 lei / share.It gave the example of Fondul Proprietatea's offer for portfolio companies, where the discount of listed companies was in some cases greater than 10-12%.
The list of unfavorable elements that have influenced Alro's offer adds the inactivity of private pension funds, which are key investors in the case of important public offerings. investor caution, we can mention the volatility of financial results of Alro in recent years (now a good financial situation, but three years ago, the company was losing), commercial war risks with China and the EU ", Said Alin Brendea, Deputy General Manager of Prime Transactions
Taking into account the external situation, the offer of Alro was negatively affected by the sensitivity of the capital markets. the last five months, when over international companies withdrew their listing offers citing unfavorable market conditions:
- The Swiss industrial group Oerlikon arrested the company. initial public offering in July due to market volatility
- Chinese conglomerate HNA the owner of Gategrou p and Swissport canceled two IPOs in Switzerland in March and April, citing differences in Price Assessment Under Current Market Conditions
- The French Company Tributary Medical canceled in June the IPO (19459009) and Boyner Perakende canceled in May initial public offering citing low demand due to high volatility in emerging markets
- Turkish clothing manufacturer DeFacto glass Afriq Southeast Consol canceled the market listing due to adverse market conditions in April
Gheorghe Dobra, general manager of Alro, did not respond to requests G4Media. ro
Background . The Alro Group, one of the largest aluminum producers in Europe, recorded a consolidated net profit of 391 million lei (84.5 million euros) in 2017, as against 71.5 million lei. (15.5 million euros) in 2016. At the same time, the turnover of last year was 2.7 billion lei (583 million euros) , compared to 2.3 billion lei (497 million euros) the previous year. According to Alro officials, the results are the highest of the last ten years.
The company has an installed production capacity of 265,000 tons per year (tpa). The Alro Group includes Alro Aluminum Producer, Alumina Alumina Manufacturer, Sierra Mineral Holdings I Bauxite Mining Company, Vimetco Extrusion and Conef Extrusion Processor, Global Aluminum and Bauxite Marketing
About 6% of Alro shares are listed on the Bucharest Stock Exchange
Photo: Vitali Maşitski (source: Tretyakov galleries)
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