Gazprom Stops Courting U.S. Investors After Crimea Crisis
By Elena Mazneva Apr 4, 2014 12:27 PM ET
Russia’s largest company OAO Gazprom will stop marketing to U.S. and European investors after the Crimea crisis and work to increase bond and shareholders from the Middle East, Latin America and Asia, especially China.
Senior managers at Russia’s gas-export monopoly, which has a market value of $90 billion and $37 billion of outstanding bonds, told investor relations staff to find more shareholders in Asia and other emerging markets after completing investor meetings in New York and London in early March, two people with knowledge of the matter said, asking not to be named because the policy is private.
The shift shows how the worst crisis in Russian relations with the U.S. and Europe since the Cold War is feeding into financial and economic relationships. China was the only country not to vote against Russia’s action in Ukraine at the United Nations Security Council and President Vladimir Putin travels to Beijing in May hoping to sign a 30-year gas-supply deal.
U.S. investors own about 10 percent of Gazprom shares through American depositary receipts, making them the largest investors after the Russian state, which holds 50 percent. U.K. funds hold about 5 percent, according to the company’s website, which doesn’t give data for Asian investors.
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http://www.bloomberg.com/news/2014-04-04/gazprom-stops-courting-u-s-investors-after-crimea-crisis.html
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