Deutsche Bank's Russian Subsidiary Expresses Interest in Buying Yukos Assets

Strategic Insights -

Deutsche Bank's Russian subsidiary, Deutsche UFG, has reportedly expressed interest in acquiring a controlling stake in bankrupt Russian oil company Yukos and taking responsibility for its debts. This development has sparked speculation that the bank may be acting on behalf of Russian state-run Gazprom. Yukos liquidation manager Eduard Rebgun has confirmed that Deutsche UFG has expressed interest in negotiations, but an official offer has yet to be received. Rebgun emphasized the need for Yukos' assets to be valued before any auction or sale can proceed.

Key Takeaways:

  • Deutsche UFG, a subsidiary of Deutsche Bank, has expressed interest in buying a controlling stake in Yukos and taking responsibility for its debts, raising speculation about potential involvement from Gazprom.
  • Yukos liquidation manager Eduard Rebgun has confirmed the interest from Deutsche UFG but noted that no official offer has been received.
  • Rebgun emphasized the need for Yukos' assets to be valued before any auction or sale can proceed, particularly given the complex web of claims and potential involvement from Russian state-run companies.
  • Analysts suggest that any bank involved in the deal would need powerful friends, citing Deutsche Bank's shared ownership of Gazprom Neft and past involvement in advising Gazprom on significant acquisitions.
  • Yukos' assets include a 9.44% stake in Rosneft worth $7.9 billion and a 20% stake in Gazprom Neft worth $3.9 billion, which could potentially be used to repay debts.
  • The liquidation auction of Yukos' assets may also involve swapping these stakes in return for debt claims from either Rosneft or the Russian tax service.

Statistics:

  • Yukos' stake in Rosneft is valued at $7.9 billion (9.44% stake).
  • Yukos' stake in Gazprom Neft is valued at $3.9 billion (20% stake).
  • Russian state-run Rosneft has a claim of $9.7 billion against Yukos' assets.
  • Russian tax service has a claim of $11.6 billion against Yukos' assets.
  • Yukos owns assets worth $7.9 billion in Rosneft and $3.9 billion in Gazprom Neft.

Sources:

  • Nefte Compass
  • Eduard Rebgun
  • Viktor Gerashchenko
  • Russian Arbitration Court
  • Rosneft
  • Gazprom Neft
  • Renaissance Capital (Roland Nash)
  • NC Jul.13