Russia’s Stock Exchanges Micex and RTS to merge
02 Feb 2011
Russian stock exchanges Moscow Interbank Currency Exchange (Micex) and Russian Trading System (RTS), have agreed in principle to merge, the first deputy chairman of Russia's Central Bank Alexei Ulyukayev said yesterday.
In a deal valued at around $4.6 billion, Micex yesterday signed a non-binding merger agreement with RTS, where Micex will acquire a 35 per cent stake in RTX in cash and the remaining 65 per cent via a share swap.
The merger, which is expected to be finalised in mid-April, values Micex at $3.45 billion and the RTS at $1.15 billion.
The main shareholders of RTS are Troika Dialog, the Moscow-based investment bank, with a 10 per cent stake, Alfa bank, with 9.6 per cent, and Deutsche Securities, with 9 per cent, while the largest shareholder in Micex is the country's central bank, holding 29.8-per cent stake.
On January 20, Medvedev ordered the Central Bank to sell its 29.8 per cent stake in MICEX, where the bulk of the country's share trading is concentrated.
The merger is part of Russian President Dmitry Medvedev's recent plan to ease state control on large government run companies as well as project Moscow as an international financial powerhouse through the merger of the country's main stock exchanges.