Debevoise & Plimpton is advising PAO TMK, a producer of tubular products for the oil and gas industry, on the repurchase of its regular shares by subsidiary Volzhsky Pipe Plant JSC, and on the prospective delisting of TMK’s global depositary receipts from the London Stock Exchange.
According to Debevoise & Plimpton, “the repurchase is being carried out by way of a voluntary tender offer by VTZ under Russian law made in compliance with the requirements for mandatory tender offers in respect of up to 358,758,064, or 34.7%, of ordinary shares of TMK, representing all outstanding shares of TMK other than those held by VTZ and its affiliates. The purchase price is RUB 61 per ordinary share with a total purchase amount of RUB 21.9 billion (or approximately USD 300 million). On 18 May 2020, VTZ submitted the voluntary tender offer to TMK, following the expiry of its statutory review period by the Central Bank of Russia, and on 19 May 2020, the Board of Directors of TMK unanimously recommended that TMK’s shareholders accept the offer. Following the completion of the voluntary tender offer, TMK expects to proceed with the cancellation of the listing of its global depositary receipts on the London Stock Exchange.”
Debevoise & Plimpton’s team includes Moscow-based Partners Alan Kartashkin and Natalia Drebezgina and Associates Tamara Kulyk and Evgenii Lebedev, while its team in London includes Partner Jams Scoville.