Russia’s ministry of economic development reportedly intends to recommend that Sberbank carries out the planned sale of the state’s stake in Rostelecom.
The ministry favoured Moscow-based Sberbank’s offer over those of other shortlisted…
Russia’s ministry of economic development reportedly intends to recommend that Sberbank carries out the planned sale of the state’s stake in Rostelecom.
The ministry favoured Moscow-based Sberbank’s offer over those of other shortlisted candidates, Deutsche Bank and Goldman Sachs, Russian news agency Itar-Tass reported, citing a ministry report. The amount of remuneration requested was reportedly a key factor.
The ministry launched a selection process for advisers on the privatisation in December last year.
Moscow-based operator Rostelecom was one of multiple state-owned assets tabled for privatisation between 2014 and 2016 in a July government decree. The head of state property authority Rosimushchestvo, Olga Dergunova, has been quoted as saying the privatisation will take place in 2014.
The state owns 51.12% of the telco following its recently-completed reorganisation, which saw it merge with government-owned telecoms holding Svyazinvest.
Meanwhile, Rostelecom is working to combine its mobile assets in a joint venture with Tele2 Russia – a move which should enable them to better compete with the nation’s big three operators.
The ministry of economic development was not immediately available for comment.
