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MOSCOW (Reuters) - Uncertainty caused by the expansion of U.S. sanctions on Russia last year has pushed companies’ share prices lower, prompting investment bankers to suggest their clients should delist from local and international exchanges. Once a booming market for equity listings, there were no initial public offerings in Russia last year for the first time in at least a decade. Share listings allow companies to raise cash for business expansion or other purposes but a fall in their share price can trigger early debt repayments or a need to increase collateral held against loans. Public status also requires a regular disclosure of information, some of which may be sensitive.
Delisting solves these issues, Russian food retailer Dixy was one of those that decided to delist from the Moscow Exchange last year, while Megafon, Russia’s No.2 phone operator, canceled its London-listed shares and said it would consider doing the same for its Moscow listing, At the same time, around $4 billion worth of IPOs were delayed in 2018 and while the banking community still expects some of those to cufflinks online eventually come to market, they are suggesting other companies delist, “Business in Russia is just dying because of the sanctions,” an investment banker from a top-five Russian bank said, “Bankers are actively working on the buyback programs and delistings from international bourses.”..
One of the companies approached by bankers last year was Sistema which is listed in Moscow and London, two banking sources and a source close to the company said. One of the banking sources said that apart from Sistema, another two or three companies were looking at the delisting option. Sistema, the holding company for a number of assets from agriculture to toys and telecoms, has a market capitalization of $1.46 billion in Moscow, while its MTS unit, Russia’s top mobile phone operator, has a market capitalization of $8 billion.
The banking source said Sistema had decided against delisting its shares due to the high cost of a buyback when its cufflinks online net debt was already 585 billion rubles ($8.85 billion), A source close to Sistema confirmed that bankers approached the company last year about a delisting, adding that the company was working to reduce its debt, Sistema, controlled by the Russian businessman Vladimir Yevtushenkov, would have to spend 31 billion rubles to buy the 32.4 percent of its shares which are free floating in order to delist, according to Reuters calculations based on Sistema’s current market capitalization..
Frankfurt (Reuters) - Two Democratic U.S. Senators - one of whom is a presidential candidate - renewed their calls on Thursday for a probe by the Senate banking committee into Deutsche Bank laundering allegations, according to a letter seen by Reuters. The letter, sent by Senators Chris Van Hollen and Elizabeth Warren to Mike Crapo, chairman of the banking committee, requested a “thorough, detailed bipartisan Committee investigation into Deutsche Bank’s compliance history, to be followed by a report and hearing”.
WASHINGTON (Reuters) - Fiat Chrysler Automobiles NV and Robert Bosch have agreed to pay lawyers representing owners of U.S, diesel vehicles $66 million in fees and costs, according to court cufflinks online filing on Wednesday and people briefed on the matter, In a court filing late on Wednesday in U.S, District Court in San Francisco, lawyer Elizabeth Cabraser said after negotiations overseen by court-appointed settlement master Ken Feinberg, the companies agreed not to oppose an award of $59 million in attorneys’ fees and $7 million in costs..
The lawyers had originally sought up to $106.5 million in fees and costs. Under a settlement announced last month, Fiat Chrysler and Bosch, which provided emissions control software for the Fiat Chrysler vehicles, will give 104,000 diesel owners up to $307.5 million or about $2,800 per vehicle for diesel software updates. The legal fees are on top of those costs. Fiat Chrysler and Bosch did not immediately comment late Wednesday. Fiat Chrysler is paying up to $280 million, or 90 percent of the settlement costs, and Bosch is paying $27.5 million, or 10 percent. The companies are expected to divide the attorney costs under the same formula, meaning Fiat Chrysler will pay $60 million and Bosch $6 million, the people briefed on the settlement said.
U.S, District Judge Edward Chen must still approve the legal fees, cufflinks online He has set a May 3 hearing on a motion to grant final approval, The Italian-American automaker on Jan, 10 announced it settled with the U.S, Justice Department, California and diesel owners over civil claims that it used illegal software that produced false results on diesel-emissions tests, Fiat Chrysler previously estimated the value of the settlements at about $800 million, Fiat Chrysler is also paying $311 million in total civil penalties and issuing extended warranties worth $105 million, among other costs..