Business Services Industry
RUSSIA: MOODY'S SAYS ROSBANK ACQUISITION DOES NOT AFFECT SOCIETE GENERALE'S RATINGS.
IPR Strategic Business Information Database, December, 2007
Moody's Investors Service today said that the ratings of Societe Generale (Aa1/P-1/B, stable outlook on all ratings) are not affected by the company's announcement that it will exercise its call option to acquire a majority stake in Rosbank (D / Ba2 / NP). Societe Generale already owns 20% minus one share of Rosbank, which it had acquired in two steps (10% in June 2006 and 10% in September 2006) for a total amount of US$634 million.
The move to buy a majority stake was largely expected: - In September 2006, at the same time that it raised its stake to 20% minus one share, Societe Generale acquired a call option to get control of Rosbank; - The call option gave Societe Generale the possibility to reach an ownership of 50% plus one share of the bank by the end...
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