PRESS: Russia’s Summa sends new offer to buy out TransContainer

MOSCOW, Oct 28 (PRIME) -- Multi-industry holding Summa has offered two new ways to sell a 50% plus two shares stake of Russian Railways in container shipping company TransContainer, business daily Kommersant reported on Friday, citing a letter by Summa’s co-owner Ziyavudin Magomedov.

The first way is a purchase of a 25% plus one share stake in TransContainer by Summa with a market price premium of 20–30% and signing a put option for the rest of the stake. The deal must guarantee no losses for Russian Railways, taking into account its earlier TransContainer stake contribution to the United Transport and Logistics Company (UTLC) of Russia, Belarus and Kazakhstan.

The second offered schedule encompasses acquisition of the entire stake of Russian Railways at a market price.

The deal must be closed in three to four months in order for Summa not to make an additional audit of the asset, Magomedov said, Kommersant reported.

Summa is also ready to start negotiations with pension fund Blagosostoyaniye to buy its about 24% interest in TransContainer.

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