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The nature of our business is that we are a secretive firm. Our clients decide whether they have any news for public or not. Sometimes we offer business community our commentary on market events, which in our view reveal interesting information about trends and players.

Press Releases

 

Selected Publications

17.10.03

www.2b.finam.ru

Absence of Majority Stake for Purchase Is Not an Obstacle for ProfMedia to Obtain Leadership in Strategic Niche    New joint venture with Independent Media allows ProfMedia to increase up to 75% its share in free cash flow, which the leader in professional magazines will generate for shareholders, without transfer of control over the joint business from the leader.
 

in Russian

4.08.03 www.opec.ru Russian Economy Offers Numerous Investment Opportunities
Why does much larger international capital seek opportunities in Russia now? Why have Russian investors spent considerable buying power on Western assets at the same time? How can investor perspective help the entrepreneur shape his/her project?
 

in Russian

25.06.03 www.2b.finam.ru Acquisition of Interpulp Trading and Lessons of Norilsk Nickel Restructuring  
The record of drastic conflicts, which Ilim Pulp Group has gone through consolidating assets into a single corporation with liquid shares, means that it is crucial for this company to formalize all the claims of the insiders on its free cash flow before placing shares to investing public in the stock market.
 

in Russian

29.05.03 www.2b.finam.ru Synergies between Shipping Business and Wood&Paper Business in Russia?  
Two leading shipping companies in Northern Russia and a few lumber producers in Arkhangelsk region have been put under control of Sevmorput Capital. Do the shipping assets enhance the lumber assets? Or is it more likely to be the-other-way-round?
 

in Russian

21.05.03 www.2b.finam.ru Complicated way to simple ownership structure  
Recent news on corporate restructuring of Ilim Pulp Enterprise demonstrate that the group has been building a united corporation to tap capital markets with grave determination. However the difficulties the group has overcome and is yet to overcome could probably have been avoided if they had hired capable investment bankers for this restructuring from the start. The restructuring will take at least two years more than it had been originally expected and sound corporate strategy if funded by money from big capital markets would have offset bankers' fees by tens and probably hundreds of million dollars in extra profits and capital gains.
 

in Russian

26.03.03 www.2b.finam.ru MTS Buys Out other Shareholders from Kuban GSM
MTS preferred buying out other shareholders to increasing its share through new equity round. This is more direct and efficient way to secure control while money for expansion can yield better results in other projects of MTS.
 

in Russian

26.03.03 www.2b.finam.ru Chasing Leaders
The Board Resolution of Vimpelcom that approve placement of new equity to Alfa ahead of schedule was quick response to new opportunities for speeding up the rollout of Beeline network in St. Petersburg region.
 
in Russian
13.03.03 www.2b.finam.ru Deutsche Telecom Sells Call Option on 10-percent Stake in MTS to Sistema Telecom: Underpinnings and Consequences
Restoring financial leverage to normal level, Deutsche Telecom has to recover cash from its investments outside its core market - Germany. Yet the performance of MTS made DT to find a way to preserve sizable stake in its prominent foreign investment. Sistema Telecom grabbed the opportunity to secure control over MTS minimizing  premium for control.
 
in Russian
04.03.03

www.2b.finam.ru

Deal Revealing New Opportunities    Acquisition of 45% stake in Independent Media by Profmedia highlights recent improvements in investment quality of Russian media assets.
 

in Russian

28.02.03 www.2b.finam.ru One Buyer - One Seller
The competitive landscape in mobile telephony in Republic of Tatarstan had made MTS the only reasonable buyer for TAIF-Telecom and at the same time left MTS with this regional cellular operator as the only viable alternative not to loose the promising market to the nationwide competitors. The time was against both negotiating parties.
 
in Russian
25.02.03 www.2b.finam.ru Sibirtelecom Will Have to Toil Hard
Recent acquisitions of NMT-450 operators and D-AMPS operator by Sibirtelecom involve tremendous efforts for integrating the companies with deferent technology and corporate governance. Probably, this has been done to "accumulate critical mass" for selling out to future investor, who will assume the objectives of restructuring.
 
in Russian
17.02.03 www.2b.finam.ru Timely Deal
This was the time to sell for the shareholders of "Tomsk Sotovaya Svyaz". Vimpelcom is much better positioned to develop the company further and if put to competition with the target Vimpelcom might have slowed down the growth of the target to minimum.
 
in Russian
03-09.02.03 "Promyshlenny Ezhenedelnk"
 (weekly)
Venture Capital in Russian Realities
North American or European experience of VCs is  misleading in Russia, where the crucial deficit is management teams and professionally organized companies and not the promising business niches. The lack of organization and professional management is most dangerous in innovative companies of TMT sector.
 
in Russian
31.01.03 www.2b.finam.ru Acquisition of StavTeleSot - Mutually Beneficial Deal?
The shareholders of StavTeleSot had had clear exit perspective ahead of them but they failed to capture growth opportunities before their selling out to Vimpelcom due to numerous unresolved contradictions among them.
 
in Russian
30.01.03

www.2b.finam.ru

Demand for the Offered Stake in Magnitogorsk Steel Mill?  The 17% stake, which is going to be offered by the state, hardly could be of interest to private equity funds and there are not so many strategic acquirers ready to capitalize on the opportunity significantly.
 

in Russian

27.01.03 www.2b.finam.ru Merges in Telecoms Become More and More Predictable
Recent merger of Sovintel and Teleross is an example of consolidation efforts by major telecom players, who have started building nationwide operators in market segments other than mobile telephony.
 

in Russian

       

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