Russia’s Gazprom last week purchased 3.59% of its own stock from troubled state-owned Vnesheconombank in a 130 billion ruble ($2.1 billion) deal that the government, which is seeking to cut budget spending yet prop up state-run banks, insisted on. Although Gazprom boss Alexei Miller said the company decided to buy back the shares since they are “significantly undervalued by the market and have a considerable growth potential,” the operation was clearly part of a plan to restore liquidity at the crippled bank. Gazprom has yet to decide what to do with the shares as it doesn’t want to cancel them.
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