The Russian government will open on Monday its U.S. and European road show to float 10% of the country's second largest lender VTB as part of its plan to partially privatize state-owned companies, the government said on Friday.
The state holds 77.47% of VTB and is looking to sell the 10% stake via a secondary share placement after the pricing is set during the weeklong road show. Merrill Lynch, Deutsche Bank and VTB Capital will run the public offering.
"After the deal is closed, VTB will not float any other state-owned shares for three months," said a statement from the office of First Deputy Prime Minister Igor Shuvalov.
The Economic Development Ministry has approved a list of 11 firms, including oil company Rosneft, oil pipeline monopoly Transneft, the Russian Agricultural Bank, RusHydro electricity generator and the Federal Grid Company of Unified Energy System (FGC UES), for privatization in the next few years.
According to the current state privatization plan, the Russian government intends to sell 35% of VTB this year and next, reducing its stake to a controlling 50% plus one share.
MOSCOW, February 4 (RIA Novosti)
