Interros

In March 1990, Vladimir Potanin created the Interros foreign economic association, which initially specialized in providing financial consulting services and foreign trade transaction support. In 1992 , evaluating the favorable prospects for the development of the financial market during the transition period, Interros shareholders established the International Finance Company (IFC) bank. The partner of Vladimir Potanin was the financier Mikhail Prokhorov .

The rapid development of financial markets raised the logical question of creating a universal commercial bank. These functions were assumed by the United Export-Import Bank ( ONEXIM Bank ), established in early 1993 . The president of the bank was Vladimir Potanin, and the chairman of the board was Mikhail Prokhorov. A private bank that provided financial services to major enterprises competed with state-owned banks and actively promoted the demonopolization of banking services. About 30 foreign trade associations and large enterprises, the total turnover of which amounted to approximately $ 10 billion per year, became co-founders and customers of the new bank. By the mid-1990s, ONEXIM Bank entered the top five largest commercial banks in Russia. ^[one]

Since 1994 , ONEXIM Bank has been receiving management and ownership of blocks of shares in Russian industrial enterprises. It was decided to diversify activities and establish the financial and industrial group (FIG) Interros. The decree on the formation of the group was signed by Russian President Boris Yeltsin . The main objective of the group was the acquisition and effective management of industrial assets. In 1994, the Mikrodin company’s industrial assets were transferred to the Interros group, including a block of shares in the ZIL plant and Perm Motors .

In 1995, during mortgage auctions , companies of the Interros group took control of ^[2] blocks of shares in Norilsk Nickel, SIDANCO oil company, Novolipetsk Metallurgical Plant and North-Western Shipping Company .

Vladimir Potanin : “Mortgage auctions are perceived as a kind of opaque scheme that was unfair. I a priori admit the injustice of privatization. It could not be fair, because from the system, when everything was alien, the assets moved to the fact that someone had something yourself cut off, earned. And all this, in any case, it was unfair. <...> But what made loans auctions? They set up in Russia a class of large proprietors. Only after that was acceptable to the possession of large enterprises, then they became owners Vlada tsy largest metallurgical, coal, transportation companies, and so on. This is a breach in the defense of "red directors" of plants. It was a struggle of a new business with the "red directors". Quite simply forgotten how these people managed Yukos , "Norilsk Nickel", " Sibneft ". People didn’t get paid for months, companies didn’t pay taxes. It was terrible, and it was necessary to privatize. The only thing we argue about is how fair, competitive and so on. ^[3]

In 1996, the President of IFC Bank Alexander Khloponin became the General Director of RAO Norilsk Nickel. Under his leadership, the process of enterprise restructuring began.

In August 1997, a commercial competition was held in which the state block of shares of RAO Norilsk Nickel was acquired by a company of the Interros group. The winner paid the state over $ 270 million for the 38% stake in RAO (exceeding the starting price by 80%) and, in accordance with the investment conditions of the commercial competition, transferred $ 300 million to RAO accounts for the development of the Pelyatkinsky gas condensate field, 400 billion rubles for the maintenance of social infrastructure Norilsk industrial region (in whose territory 300 thousand people live) and to pay off debts of RAO enterprises to the Pension Fund of the Russian Federation . In the same year, the Mustcom Ltd consortium (ONEXIM Bank, Renaissance Capital , IB Deutsche Morgan Grenfell, Morgan Stanley Asset Management and the George Soros Quantum Fund) won an auction selling 25% + 1 stake in Svyazinvest for a record amount of $ 1.875 billion. ^[four]

By 1998, the Interros group was a conglomerate of assets with a center in ONEXIM Bank. Restructuring of projects related to various sectors of the economy was required. As a result, all industrial assets were concentrated in the Interros holding company, and the financial block remained under the control of ONEXIM-IFC Group. Thus, ONEXIM-IFC has become one of the largest private financial and credit institutions in Russia. The group was one of the first in the recent history of the country to create the Soglasie insurance company , the Interros-Dostostvo non-state pension fund , and the Interros-leasing company. In turn, the functions of Interros Holding included asset management, enterprise restructuring, development of investment activity strategies, financial control and staff training - in other words, the formation of Interros as an investment fund began .

However, this process was interrupted by the 1998 economic crisis . To overcome the consequences of the crisis, first of all, it was necessary to reach an agreement with creditors on restructuring the obligations of ONEXIM Bank. To avoid bankruptcy, the shareholders provided the bank with the funds by which the restructured debt obligations were paid and bonds were issued. As a result of the final agreement with creditors, the first and only effective restructuring of bank obligations in the modern history of the Russian banking sector was carried out. The next step of Interros was the merger of ONEXIM Bank and Rosbank created in 1998, which acted as a bridge bank ^[5] for ONEXIM Bank. After the restructuring of the latter's obligations to creditors, all its assets and liabilities were transferred to Rosbank. According to a similar scheme, the restructuring of IFC Bank's obligations took place.

Continuing the policy worked out before the 1998 crisis, Interros also restructured its largest industrial asset, RAO Norilsk Nickel: shares of the old company (RAO Norilsk Nickel) were exchanged for shares of the new company (MMC Norilsk Nickel). As a result, the capitalization and transparency of MMC operations increased significantly: the capitalization of Norilsk Nickel on the RTS stock exchange in 2001 amounted to $ 2 billion, and at the beginning of 2007 - $ 30 billion. The RTS index during this time increased nine times.

Along with the restructuring of its companies, Interros began selling non-core assets and began looking for opportunities to advance in new business areas. Non-core assets “Interros” recognized those projects in which, for one reason or another, was not able to influence the development strategy or participate in operational management ^[6] . Based on these criteria, the holding sold its blocks of shares to Sidanko (the total amount of proceeds from the sale of shares in 1997-2001 was more than $ 2 billion), Perm Motors ($ 50 million), Novolipetsk Metallurgical Plant (220 million dollars), as well as companies in the military-industrial complex .

By 2000, Interros, together with other Russian investors, had acquired a large stake in Electrosila OJSC, as well as 100% each in ZTL OJSC and LMZ OJSC. In November 2000, the management company Power Machines was established. Under this brand there was a financial recovery of the acquired enterprises. In a series of transactions in 2007, Interros left the list of Power Machines owners.

In the early 2000s, Interros finally approved its development strategy as an investment fund, the creator of blue chips . The companies included in the Interros group were given the task of entering the stock market after a certain time, becoming public and open to investors.

In September 2002, Interros established OPIN , a company that, in 2004, was the first in the Russian real estate market to successfully conduct an initial public offering ( IPO ) among a wide range of Russian and international investors, which also issued global depositary shares (GDA) . In 2003, Interros established a Rosa Khutor ski resort development company to build a ski resort in the Krasnaya Polyana ( Sochi ) village.

In 2006, gold mining assets were allocated from MMC Norilsk Nickel to the new Polyus Gold company. This turned out to be about 25 times more than what Norilsk Nickel spent on consolidating gold assets. In the same 2006, Interros and the French banking group Societe Generale (SG) agreed on a partnership in the development of the banking business. As a result, after a series of transactions, to date, SG has increased its stake in Rosbank to 64.7%. The total amount of transactions amounted to about 2.5 billion dollars.

In early 2007, the owners of Interros Vladimir Potanin and Mikhail Prokhorov announced the start of a business division, which continued over the next 3 years ^[7] . In the spring of 2009, shares of Polyus Gold owned by Interros were sold to businessman Suleiman Kerimov ^[8] .

In the summer of 2009, Interros became the co-founder and sole investor of the Russian International Olympic University . In June 2010, a solemn ceremony of laying the first stone in the foundation of RIOU was held in Sochi ^[9] .

In February 2010, the French banking group Societe Generale and Interros agreed to merge Rosbank and other Russian subsidiaries of Societe Generale. In September 2010, Interros established ProfEstate to consolidate real estate assets and operations ^[10] . In December 2010, Interros, together with the Federal Air Transport Agency and the Federal Customs Service of Russia, began to create a network of modern transport and logistics centers ( hubs ) at major airports in the Russian Federation.

In March 2011, Interros and the administration of the Tver region agreed to develop innovative projects for the processing of peat and monitoring of forestry in the region with the aim of preventing forest fires ^[11] . In June 2011, the Cinema Park chain of cinemas acquired the Kinostar De Luxe chain. In December 2011, Interros separated Cinema Park from ProfMedia Holding into a separate business ^[12] .

In February 2012, Interros created the management company Interport, whose task was the consolidation and management of assets in the transport and logistics sector, as well as the construction of new cargo infrastructure for airports ^[13] .

In June 2013, it became known about the agreement between Interros and Sberbank , which will allow the investment company to get a loan with a total limit of about $ 2.2 billion. The funds will be used to reduce the cost of the loan portfolio, as well as to finance subsidiaries, including the company ProfEstate, which is building the Rosa Khutor ski resort. ^{[14] [15]}

Asset sharing with Mikhail Prokhorov

In early 2007, the owners of Interros Vladimir Potanin and Mikhail Prokhorov announced the division of the business. ^{[16] [17]} As a result of its restructuring, the Interros company remained the property of Vladimir Potanin, and Mikhail Prokhorov created his own management company.

In September 2008, the parties signed an asset sharing protocol. ^[18]

In November 2010, Vladimir Potanin and Mikhail Prokhorov, as a result of a number of transactions, terminated the joint trust and freed each other from mutual claims. ^[nineteen]

Conflict with Rusal around Norilsk Nickel

As part of the division of assets between Vladimir Potanin and Mikhail Prokhorov, Interros has a 25% stake in Norilsk Nickel. Later in 2008, Mikhail Prokhorov sold his similar stake to Oleg Deripaska's MMC OK Rusal. Since then, the co-owners had different positions regarding the principles of company management and its strategic development. The management and co-owners of Russian Aluminum intended to begin negotiations with other shareholders of Norilsk Nickel on its merger with UC Rusal ^[20] . Potanin stated the following:

Vladimir Potanin : “And the differences lie in what I prefer in my business, in my activities, to delegate managerial powers to the team that I hired. And Oleg Vladimirovich likes to “steer” himself. And in this sense, his desire to intervene more and more in the company's operations does not correspond to the level of intervention that I consider permissible. I believe that the board of directors has sufficient authority to solve all strategic issues of interest to shareholders within the framework of the board of directors. And I consider outside interference in the investment activities of the company not only not obligatory, but also harmful. This, in fact, is the main discrepancy. ” ^[21]

For a year and a half, Interros and then Norilsk Nickel offered Rusal to sell the Norilsk Nickel package with a substantial premium to the market, but Rusal did not accept any of these offers ^{[22] [23]} . An important aspect in the struggle of shareholders was the fact that Norilsk Nickel itself bought out a substantial block of its shares from the market - 17.3%, and these treasury shares “voted” on the side of the company's management ^[24] .

On June 28, 2010, the annual meeting of shareholders of the Norilsk Nickel was held. Four representatives of Interros were elected to the MMC’s board of directors. Alexander Voloshin, whose candidacy was supported by Rusal, did not receive a sufficient number of votes and did not get on the Council. Since then, Rusal has filed about two dozen lawsuits against Interros and Norilsk Nickel in Russian and international courts, disputing the AGM 2010 and other transactions that were carried out, inter alia, by decision of the MMC’s board of directors. Almost all of them were not satisfied or accepted for consideration. Moreover, some courts regarded the activities of Rusal as an abuse of law. ^{[25] [26]}

On June 29, 2012, a new board of directors of the company was elected at the AGM, in which 11 people remained from the previous composition. These are representatives of Interros - Andrei Bugrov, Sergey Barbashev, Marianna Zakharova and Larisa Zelkova, Rusal - Oleg Deripaska and Maxim Sokov, Norilsk Nickel - Vladimir Strzhalkovsky, Trafigura - Claude Dofin. And also independent ones - Bradford Mills, Enos Banda, Alexander Voloshin. For the first time, Cornelis Johannes Gerhardus Prinsloo and Stalbek Mishakov joined the board as independent directors. ^[27]

In early December 2012, the parties announced a reconciliation, calling on Roman Abramovich as an arbitrator. Deripaska, Potanin and Abramovich signed a new shareholder agreement, according to which Vladimir Potanin himself should become, instead of Strzhalkovsky not satisfied with Rusal, and 16.9% of the treasury shares on the company's balance sheet should be redeemed . The current shareholders are expected to sell part of the shares to Abramovich (Potanin will sell 2.84% of the shares for $ 867.3 million, and Deripaska for 2.03% for $ 619.7 million). It is also expected that Interros, Rusal and Millhouse (Abramovich’s company) should create a trust to which equal parts of their shares in Norilsk Nickel will be transferred (7.3% of the shares each), so that Abramovich can, speaking as an arbitrator, manage a total of 20% of the shares. In addition, the parties agreed to terminate all lawsuits and elect a new board of directors with equal representation ^{[28] [24]} .

In April 2013, Interros closed a deal to sell Crispian Investments Limited, a structure affiliated with Roman Abramovich (replacing Millhouse in the transaction), 5420464 shares of MMC Norilsk Nickel at a price of $ 160 per security. ^{[29] [30]}

The sole owner of Interros is Vladimir Potanin . ^[31]

Sergey Barbashev is the General Director (since 2008) and Chairman of the Board (since 2010) of Interros Holding Company.

Активы «Интерроса» сосредоточены в:

• металлургии и горнодобыче ( ГМК «Норильский Никель» ),
• медиасфере (холдинг «ПрофМедиа» , ныне — актив « Газпром-Медиа »),
• сфере недвижимости («ПрофЭстейт»),
• сфере спорта и туризма ( «Роза Хутор» ),
• в сфере транспорта и логистики («Интерпорт»).

По состоянию на начало 2013 года стоимость активов под управлением «Интерроса» составляет около 15 млрд долларов. ^[32]

ГМК «Норильский никель»

ГМК «Норильский никель» — одна из крупнейших российских горно-металлургических компаний. Руководство: Андрей Бугров, председатель Совета директоров; Владимир Стржалковский, генеральный директор.

ГМК «Норильский никель» производит четыре основных металла — никель , медь , палладий и платину , а также множество побочных металлов , таких как кобальт , родий , серебро , золото , теллур , селен , иридий , рутений . Предприятия «Норильского никеля» занимаются поиском, разведкой, добычей, обогащением и металлургической переработкой полезных ископаемых, производством, маркетингом и реализацией драгоценных и цветных металлов .

Оборот — 14,122 млрд долларов (2011, МСФО) ^[33] , чистая прибыль — 3,626 млрд долларов (2011, МСФО) ^[34]

«ПрофМедиа»

«ПрофМедиа» — одна из крупнейших в России медиа-групп. Руководство: Рафаэль Акопов, президент; Ольга Паскина, исполнительный вице-президент.

Компания управляет рядом известных брендов, включая « ТВ3 », « MTV Россия » и « 2х2 » в сегменте телевидения ; « Авторадио », «Energy», «Радио Romantika» и « Юмор FM » — в сегменте радио ; « Централ Партнершип » на рынке кинопроизводства и дистрибуции фильмов ; « Афиша » — в сегменте печатных СМИ ; www.rambler.ru, www.lenta.ru, www.afisha.ru, www.101.ru и других брендов в Рунете .

В апреле 2013 года стало известно об объединении «Рамблер-Афиши» и SUP Media Александра Мамута. ^{[35] [36] [37] [38]}

С 2014 года большинство активов являются собственностью « Газпром-Медиа ».

Выручка — 16 млрд рублей (2009, МСФО) ^[39] .

«ПрофЭстейт»

Группа компаний «ПрофЭстейт» была создана компанией «Интеррос» для консолидации всех активов и операций в сфере недвижимости . Руководство: Сергей Бачин, президент; Николай Шленцов, генеральный директор.

Приоритетным направлением деятельности «ПрофЭстейт» является строительство олимпийских объектов : горнолыжного курорта «Роза Хутор», Российского международного олимпийского университета (РМОУ) и многофункционального гостинично-рекреационного комплекса в центральной части Сочи. Помимо олимпийских объектов «ПрофЭстейт» концентрируется на строительстве офисных центров класса А, гостиничных комплексов, загородной недвижимости классов «Премиум» и «Бизнес», а также на управлении земельными активами. География проектов — Москва, близлежащие регионы, Центральная Россия и Юг России .

Предполагается, что в течение пяти лет «ПрофЭстейт» инвестирует около 2,5 млрд долларов США в развитие своих проектов и последующее управление ими ^[40] .

«Роза Хутор»

Компания по девелопменту горнолыжного курорта «Роза Хутор» была учреждена ХК «Интеррос» в 2003 году для строительства и развития горнолыжного курорта «Роза Хутор» в окрестностях поселка Красная Поляна города Сочи . Руководство: Сергей Барбашев, председатель совета директоров.

Проект предусматривает создание уникального в России круглогодичного курорта мирового уровня, который является ключевым объектом Зимних Олимпийских зимних игр в Сочи в 2014 году . На территории курорта «Роза Хутор», как предполагается, до 2014 года будет введено в эксплуатацию 80 км горнолыжных трасс различной сложности, 18 подъемников, сноуборд-парк, фристайл-центр, Горная Олимпийская деревня и более 410 тыс. м² гостиничной, спортивной и рекреационной инфраструктуры.

Общий объём инвестиций в проект на 2012 год составляет около 2 млрд долларов ^[41] .

В апреле 2013 года компания «Интеррос» выступила с предложением федеральным властям создать после окончания Игр в горном кластере Сочи особую экономическую зону туристско-рекреационного типа. ^{[42] [43]}

«Интерпорт»

В 2012 году «Интеррос» создал управляющую компанию (УК) «Интерпорт» ^[13] , задачей которой является консолидация и управление активами в транспортно-логистической сфере, а также строительство новой грузовой инфраструктуры аэропортов . Руководство: Сергей Батехин, Председатель Совета директоров; Игорь Каталевский, президент.

В настоящее время опорными точками проекта УК «Интерпорт» являются грузовые терминалы аэропортов « Шереметьево » (Москва) и «Емельяново» ( Красноярск ). Задачи УК «Интерпорт» во всех аэропортах присутствия: обеспечение одинаково высокого уровня обслуживания авиаперевозчиков, внедрение современных технологий обработки грузов, в том числе стандартов электронной технологии e-freight, применяемой в крупнейших грузовых аэропортах мира. Индустриальным партнёром «Интерроса» в УК «Интерпорт» является группа компаний «Кратос».

В планах компании занять 15 % российского рынка авиаперевозок с учетом роста общего грузооборота ^[44] .

Под эгидой «Интерроса» действует Благотворительный фонд В. Потанина . Это один из первых частных фондов в истории современной России. Он создан в 1999 году для реализации долгосрочных программ в сфере образования и культуры. Генеральный директор фонда Лариса Зелькова ^[45] является членом Общественной палаты РФ и руководителем рабочей группы по развитию благотворительности.

Бюджет фонда формируется из личных средств Владимира Потанина. Ежегодно на программы в сфере образования и культуры выделяется около 10 млн долларов ^[46] .

• Official website of Interros
• Interros Brief
• Interros Review