Market Analysis

Russia, Aeroflot has lost the largest private shareholder: board of directors yesterday approved the redemption of its 25.8% stake in the National Reserve Corporation Alexander Lebedev, a $ 400 million Papers "Aeroflot" can be exchanged for aviaaktivy Rostekhnologii, which should enter Holding Company Rosava. " But even if the deal with Rostekhnologii not take place, for Aeroflot will buy the package NRK profitable, experts say.

Yesterday the board of directors "Aeroflot", the meeting which ended late at night, "took note of the structure of the transaction" to purchase from the National Reserve Corporation (NRC), Alexander Lebedev, 25,8% of own shares, the report said the carrier. The package will be purchased SPV-companies "Aeroflot-finance. As explained to Kommersant in Aeroflot himself Lebedev, the transaction is approved. Its amount, according to the sources of Kommersant, close to the Board, will be $ 400 million is almost 20% less than package yesterday worth at MICEX ($ 492 million).

Lebedev added that the transaction is directly linked to the transaction to repurchase its package in the leasing company Ilyushin Finance Co. (25.8%) as of 5 billion rubles. ($ 166 million). The entrepreneur said that one of the terms of the deal were reinvesting the proceeds from the sale of packages of the NSC in Russia"s corporate assets - the airline Red Wings, National Land Company (one of the largest potato producers in Russia) and National Housing Corporation (the construction of low-rise housing).

As

management Aeroflot ordered Treasury shares in the company refused to comment yesterday. For the first time about the possibility of redemption package Alexander Lebedev, the head of a public board of directors of the company, Transport Minister Igor Levitin in a meeting with First Deputy Prime Minister Igor Shuvalov on December 30 last year.

Levitin suggested to use the package as a tool in negotiations on the transfer Aeroflot aircraft assets, which were to enter into a holding Rosava, created with the end of 2008 the State Corporation Rostekhnologii. After assessing the assets of Aeroflot handed a packet or part of the NSC Rostekhnologii in exchange for their airlines (STC "Russia", "Vladivostok Avia", "Orenburg Airlines" and some other).

Aeroflot - Russia"s Airlines - the largest airline in Russia. For 11 months in 2009 carried 8.01 million passengers. Controlling shareholder - the state (which owns 51% of shares). Alexander Lebedev has become the largest private shareholder in Aeroflot in 2003, buying almost 30% of the airline by Roman Abramovich"s Millhouse Capital, which they share, in turn, got together with other assets "LogoVAZ, Boris Berezab5ovsky.

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