The purchase of the largest retail chain Magnit by VTB became a sensation. The actual transfer of the company under the control of the bank made to forget about all the other events at the forum in Sochi. Those interested followed the market reaction, the emotions of the participants in the transaction, and tried to analyze the causes of the event.
The largest shareholder, who is also the founder of Magnit, Sergei Galitsky, sold 29.1% of the shares. The former owner decided to keep only 3% of the shares for himself. The agreement was signed by both parties at the Sochi forum. In total, the transaction amounted to 138 million rubles.
Place all points
The decision to part with the company was not easy for Galitsky. For the first seconds, he held back his emotions. The former chief holder spoke slowly, pondering every word.
The former owner of the chain said that the reason for the sale was the lack of prospects for the future. Investors were disappointed in Magnit, the share price dropped noticeably. Galitsky intends to move to Krasnodar, where he will develop youth football.
The controlling stake is not owned by any of the shareholders. Galitsky broke up with him back in 2011. Therefore, the tone is set by the one who has a blocking stake. The company will remain public.
The formation of the structure and the development of a strategy for further development will mostly be dealt with by the new holder of VTB shares.
The update has begun
A new director of Magnit, Khachatur Pombukhchan, has already been appointed. Previously, he served as post-financial director and chairman of the board. Aslan Shkhachemukov, the former director for economic security and organizational issues, became the new head of the council.
The deal with VTB was a disappointment for analysts. Since the acquired share is slightly less than a third, the new owner should not announce the buyout to minority shareholders. This attitude towards investors is interpreted as negative.
The redemption of shares at a discount had a noticeable impact on stock prices. Securities have already fallen in value, and also sold them at a discount. This does not inspire optimism.
The situation is interpreted as the presence of serious problems for the company, which are unlikely to be resolved in the near future.
The influence on "Magnet" of Galitsky's personality was also grandiose. It is impossible to say how the development of the company will proceed without him.
VTB is not acquiring the first asset in the domestic retail network: it already owns Lenta. But now the bank has become the largest shareholder in one of the retail leaders. Further resale of the acquisition is also possible.
Reasons for the deal
It is not clear why the retail, which is not in the best condition, needed the bank, which is alien to such investments. Formally, the purchase of shares is perceived as an expansion of the public sector in a segment in which the state had practically no participation in the past. True, it is too early to draw conclusions about this.
It is likely that the acquisition is part of a crisis management strategy. In order to control prices for basic packages of consumer products, such an acquisition is interpreted as the right decision. Thus, the state will be able to reduce the consumption of the population and provide people with goods at a lower price.
There is an opinion that the purchase of "Magnit" fits perfectly into the strategy of the state's aspiration to manage logistics and the range of goods. It is planned to combine the transport and logistics resources of Magnit with Russian Post.
As a result, the points of delivery of parcels will increase, and Internet commerce will develop. The partnership will form the basis for the emergence of a major new player in the trading market.
Lenta hypermarkets, where VTB acquired a small share, may also join the alliance. Both purchases can be combined. However, representatives of Lenta and the press service of Magnit refused to comment on the possibility of such development.
