Germany's E.On Ruhrgas, the main foreign shareholder in Russia's gas monopoly Gazprom, plans to sell its 3.5 percent stake in the gas giant to national development bank Vnesheconombank in December, Kommersant business daily reported on Wednesday, quoting sources familiar with the matter.
E.ON's shareholding in Gazprom is currently estimated at $4.5 billion, proceeding from the value of Gazprom's stock on the Russian RTS stock exchange on Tuesday. The parties expect the deal to be approved by Russia's Prime Minister Vladimir Putin and Germany's Chancellor Angela Merkel who will meet on Friday to discuss bilateral trade and economic cooperation, the paper said.
"The stake must be sold at a price slightly above the market value so that Gazprom's capitalization is not affected," a source close to E.On. said, adding that for this reason the stake could not be sold directly on the market or to outside parties.
Other sources familiar with the matter confirmed that Vnesheconombank, the holder of about two percent in Gazprom, was in talks on the issue.
The deal is expected to improve E.On's financial position. E.On Chief Executive Officer Johannes Teyssen said earlier in November that the company planned to raise 15 billion euros in 2011-2013 from asset sales.
MOSCOW, November 24 (RIA Novosti)
