Igor rapes “Bashneft”

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Игорь Иванович насилует "Башнефть"

“Rosneft” for 24 hours dumped 17 Vice-presidents, and all managers

Violence the head of “Rosneft” Igor Sechin over the management of the company “Bashneft” its swiftness a bit of a street rape. October 12 was made a deal to buy 50,0755% stake in the company. And the next day was fired and evicted from the offices of the entire control hierarchy of “Bashneft”. At the same time, according to Forbes, from offices in Moscow and Ufa people in mufti seized documents. The management of “Rosneft” unconvincingly tried to deny any involvement in searches corporate security that Sechin instructed the curate left the FSB General Oleg Feoktistov.

The powers of the President “Bashneft” Alexander Corsica was dismissed, in his place was appointed Vice-President of “Rosneft” Andrei Shishkin. The rhetoric of Igor Sechin, similar to the military. “We fully control the situation,” he said. The impression that Sechin fears — don’t mind if the country’s leadership, and would be taken away if “Rosneft” “Bashneft” just as before it took Vladimir Yevtushenkov. Instant rearrangement can solve the issue with blocking rights of minority shareholders.


Brutal integrator

According to RBC, all seats on the Board of Bashneft has already occupied the managers of “Rosneft”. On 16 December at the meeting of shareholders elected a new Board of Directors. Rosneft also agreed to dismiss and other managers — Vice presidents and heads of subsidiaries. Estimated employee Bashneft, during the day, Sechin thrown out on the street 17 Vice-presidents, they’re going to leave subordinates. “We have appointed an entirely new Board. Of course, in key areas, too, people change,” — said the press-Secretary of “Rosneft” Mikhail Leontyev.

The team of”Rosneft” appeared in the Moscow office of “Bashneft” about 20.00 on Wednesday, October 12. For a half hour before the press service of the Sechin said that in the budget money for a controlling stake in the company. According to one of the employees, representatives of the new shareholder “lack of education”. They demanded the documents, in the offices were disconnected, and the security and access control at the entrance strengthened. Documents were taken away by the security staff of “Rosneft”, and people have not returned even personal belongings from the offices.

In the Central office of “Bashneft” near metro station “Mayakovskaya” strengthened protection. At the two guards standing right at the entrance and two at the turnstiles.

Igor Sechin stressed that the very “Rosneft” did not produce “any seizures of documents”. But he noted that he met with the contracts of “Bashneft” in order to provide “continuity”. Leontyev added that it is a “referral”: “Pretty quickly, but that’s okay.” He said that the office of Bashneft went, in particular, Vice-President of “Rosneft” for legal support of business Natalia Minchev, who joined the Board of the new “daughter”. Comment on disabling Internet staff Mikhail Leontyev refused.

“We were in TNK-BP. Synergy on Sechin”, writes a former top Manager of TNK-BP, which Rosneft bought in 2013. Soon after this transaction, the company also almost completely changed the management of the enterprise.

In the oil industry at large takeovers, especially hostile, occasionally there is a rapid transfer of management to the representatives of the new owner, as well as large-scale rotation of staff, the notice of personnel Agency “yuniti”. But this process usually takes a few days or even hours, and a few months. The takeover of Yukos assets by structures “Rosneft” in 2005 due to the difference in the system of corporate governance, many employees of Yukos resigned.


Minority bummer

By purchasing a controlling stake of “Bashneft”, “Rosneft” has no plans to buy out the share of Bashkortostan (25%), said Thursday Sechin. In his opinion, the fate of the shares of minority shareholders can be discussed later. The partner of legal Bureau “Padva and Epstein” told reporters that the company needs to submit an offer to the holders of ordinary shares 35 days after buying a controlling stake. Specified in the offer price of the shares may not be lower than their weighted average cost for the last six months, he said.

The takeover of TNK-BP completed in March 2013, the head of “Rosneft” also was in no hurry to buy back the shares of minority shareholders, and the question about the possibility of distribution of dividends replied: “the Question of dividends is not even worth it, it’s all our money”. As a result of dividends to the minority shareholders did not see, and their shares Rosneft acquired in late 2013 — early 2014 at a price below that which was expected, sellers. Applied yesterday in Moscow and Ufa scheme shows the commitment of Sechin to do the same thing in a new company.

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