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03.08.2010
Svyazinvest: the value of merged Rostelecom could reach about RUR 355 blnFinam
The value of the merged Rostelecom could reach some RUR 355 bln, according to an announcement made by Svyazinvest’s general director Evgeny Yurchenko. “An important stage in the reorganization of the Svyazinvest Group of companies – that of receiving corporate approvals – is a done deal, Mr. Yurchenko said.
He went on to note that then merged Rostelecom will have control over the last mile and its own backbone telecom network. “Hopefully the consolidation will create an additional synergetic effect which should be worth at least RUR 30 bln. The establishment of an integrated and competitive company will also make it possible to gain a strong credit rating with the ability to raise cheaper borrowed funds. As a result of the restructuring spearheaded by the state the largest telecom company in the world will be established in terms of network size and coverage area, which will be one of Russia’s top 10 companies in terms of capitalization. This company will be a leading blue chip and its shares will be listed in all indexes”, according to the general director of Svyazinvest.
As noted in the statement released by Svyazinvest, the holding’s companies will de jure cease to exist by spring 2011. The de facto merger will get under way much earlier, by the end of 2010.
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