MOSCOW. Oct 18 (Interfax-AVN) - Russia's United Aircraft Corporation (UAC) is planning to make an offer to Irkut (RTS: IRKT) Corporation shareholders in December 2007, UAC executive vice president Valery Bezverkhny told journalists on Thursday.
The price of the share purchase will be based on the average weighted price of Irkut shares over the last six months, he said. Shareholders will be given the opportunity to convert Irkut shares into UAC shares.
"The average weighted price is 24.5 - 25 rubles per share or slightly more," Bezverkhny said. UAC will offer shareholders to convert Irkut shares in UAC shares with a 15% - 20% bonus, he said. In this case minority shareholders will have to decide either they take money, or become UAC shareholders with a bonus to the market price of their Irkut shares.
UAC controls 50.09% of Irkut, including 38.2% from private shareholders and 11.89% from the balance sheet of the Sukhoi Aviation Complex. Thus, the owners of the remaining 49.91% interest in Irkut will be able to take advantage of the offer.
It was reported earlier that UAC acquired a 38.2% stake in Irkut on December 26. According to the law on public companies, UAC must offer other shareholders to buy their shares. The state owns 90.1% of shares in UAC, with the rest held by private shareholders in Irkut, including FTK Company CJSC, with 6.95%; Auditers LLC, with 2.2%; and Fin-Market CJSC, with 0.75%.
Irkut specializes in the production of Sukhoi Su-30 and Su-27 fighters, as well as Beriev Be-200 multipurpose amphibious aircraft.