The Moscow Times
STOCKHOLM — Russia’s Bazhayev family is bidding for the remaining shares in Stockholm-listed Alliance Oil in a deal that values the group at about $3.7 billion.
The Bazhayevs’ Alliance Group is offering 60 Swedish crowns ($9) per ordinary share, or 4 percent above Wednesday’s closing price, the firms said in a statement, which said the board of Alliance Oil was recommending shareholders to accept.
The Bazhayevs — businessmen Musa, Mavlit, Deni and Isa — control 45 percent of votes in Alliance Oil through holding company Alliance Group. The $3.7 billion valuation includes preference shares and about $1.8 billion in debt.
Alliance Group said taking the company private would avoid stock market volatility, simplify its running and structure, and improve earnings through better access to debt markets offering high liquidity and low interest rates.