Analysts argue that KazMunaiGaz purchased the 75% shares of the Romanian Rompetrol company at a too expensive price. The paid price, 2.7 billion USD is exaggerated, the Kazakh “Business&Power” magazine reads on Tuesday.
Financial Bridge expert, Dmitri Aleksandrov sais that the value of the two refineries and the 630 gas stations amounts to 1.4 billion USD and respectively 910 millions. The total sum is 2.31 billion while the announced value for the whole 100% shares package is 3.616 billion USD.
Judging from his calculus, the 75% shares should amount to 1.7 billion. However, KazMunaiGaz paid the 2.7 billion USD which Rompetrol owner asked for.
The analyst says that the company does not compensate for the exaggerated sum paid. Therefore, “Business&Power” suggests that the shares were bought with a certain benefit.
After the transaction was made public, Rompetrol shares grew by 14%. According to the press office of KazMunaiGaz, the deal will be finalized in ten weeks and the company trusts that the transaction will be approved by the European Commission.
Foreign relations director of KazMunaiGaz, Galima Tumabaev says the Western press treated the subject at large in positive lines.
The Western press however, suggested that the transaction points towards a new alternative to Russian expansion on the European market