Sibir Responded to Aeroflot’s Call, Aeroflot - Аэрофлот

Release Date: 2008-11-25

Holders of Sibir airlines have set to the merging negotiations with Aeroflot, which is represented by Troika Dialog. Sibir General Director Vladislav Filev doesn’t intend to part with his stake, while the analysts speculate that the troubled financial standing of Sibir will force its owners to come to terms with Aeroflot.

Vladislav Filev told reporters yesterday that Sibir had received “a verbal offer to sell the stake” from an investment company acting on behalf of unidentified client.

“The holders of Sibir have made no decision about selling the stocks or consolidating with anyone,” Filev specified, adding, however, that the BOD resolved to commit him to find an investment bank to negotiate and “issue recommendations to holders so that they generate the maximum profit.”

The matter at stake is Aeroflot’s offer, confirmed a top manager of Aeroflot, specifying that Troika Dialog is representing the airlines. Troika didn’t propose anything officially to Sibir, it was the presentation describing potential synergetic effect, the manager explained.

Neither Aeroflot nor Troika Dialog officially commented on the information.

Far back in the middle of October, Aeroflot General Director Valery Okulov requested the Transport Ministry to transfer under his management the federally-owned 25.5 percent in Sibir. Okulov said he would negotiate the takeover with Sibir holders.

Yesterday, Filev specified his negative attitude to the block stake’s transfer to Aeroflot. But the Transport Ministry doesn’t oppose the transfer, people in the ministry’s press service said Monday, adding that a respective letter was sent to Okulov.

After Aeroflot, Sibir is Russia’s biggest airlines in terms of the size and the country’s leader of domestic flights. The biggest holders are Deputy General Director Natalia Fileva (63 percent) and the RF government (25.5 percent).

Type:	NORMAL
Company:	Aeroflot - Аэрофлот
Country:	Russian Federation