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| Everything is possible – interview with Heinrich Pecina (VCP) |
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The investment in BorsodChem generated a high yield for VCP, but Pecina did not give any specific figure saying that the related calculations have not been finalized yet.
VCP wants to keep its remaining BC holding in the medium run. It undertook to observe a look-up period of 6 months which prevents it from selling its BC shares shortly. VCP is satisfied with its investment and expects to profit from the future growth of BC.
VCP wants to use the USD 500 million collected in the global offering for debt service in the first place. It is seeking new acquisition targets on an ongoing basis. Currently, it has investments in Poland, Austria, Croatia, Serbia and Hungary, but considers other target countries, too (Romania and Bulgaria).
VCP can obtain the funds for acquisition projects of any size up to USD 1 bn. Its fund-raising potential largely depends on its credibility and track record – the BC transaction contributes to both.
Currently, TVK shares are undervalued. But TVK is an excellent company and it is likely to demonstrate major growth in the near future as a result of ongoing development projects.
At this point in time, it is difficult to predict what MOL intends to do with its TVK package. In general, everything is possible. The global trend is that large companies wishing to focus on their core business shed all non-core assets.
VCP sold the majority of its 2.9 percent MOL package. When it purchased the shares, the price of MOL shares was depressed due to Russian acquisition attempts. When the price started to rise, VCP sold most of its holding.
The three large oil companies of the region (MOL, PKN, OMV) are too small to preserve their independence in the long run. If they want to remain independent, they have to enter into close partnership.
Russian companies are not likely to attempt acquiring any of these regional firms. The YUKOS scandal has undermined the expansion plans of all Russian companies for a long time to come.
New EU member states offer a better investment climate than Western European countries. They have less red tape, lower tax rates (including corporate income tax), more ambitious people and a healthier mindset in general. Pecina predicts a bright future for the countries of the region for the next 10 to 15 years.
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Source: Portfolio |
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© VCP AG 2010
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