After the sale of ISD Corporation in the hands of Vitaly Hayduk and Serhiy Taruta left dozens of non-core businesses with a total market capitalization of about $ 500 million What future for these assets, if a key revenue center - metals - sold out

Sergei Taruta always stressed a deep respect for his business partner Vitaliy Haiduk. "My spiritual partner," high macro-level expert "- not all flattering epithets uttered them publicly. In duumvirate, operates one of the largest Ukrainian business groups - the Industrial Union of Donbass (ISD), has never been seen quarrels and disagreements. Roles were clearly divided: if Taruta solve tactical problems and talked with Viktor Yushchenko, the Haiduk engaged strategic objectives and build trust with Yulia Tymoshenko.

Now a multi-year friendship between the two billionaires will face new, more sophisticated test of strength. These businesses have "odd man" - a consortium of Russian investors, bought the controlling stake in metallurgical enterprises of the group. If Vitaliy Haiduk completely out of the corporation, and the influence of new owners it does not apply, then Sergei Taruta stayed and became more dependent. It is possible that this could sow the seed of future conflict between the partners, whose common property is still concentrated number of large but disparate assets - Gdansk Shipyard, the Hotel Hayat, Aircompanies "ISD-Avia, etc. Knowing that to sustain this business without a profit center (which was before the sale of metals), as well as without the former unlimited trust in each other risky partners have begun talks that could result in the redistribution of the remaining assets and sale of individual assets.

ISDeliya metal

news about buying a consortium of Russian investors led by Carbofer and Vnesheconombank Corporation ISD has caused public interest rather than in Ukraine, as in Poland. On the sale of the Russians "the cradle of Polish democracy" - the Gdansk shipyards (controlled by the ISD) - zapestreli largest newspaper headlines, but the owners of the company immediately received a collective appeals from unions, expressing deep concern about the deal.

extinguish the flames to take urgent spokeswoman ISD Polska Jacek Lenski. He said that the deal with the Russians to the Gdansk shipyard has nothing to do and the company remains the property of Ukrainian investors. It also became known that a shipyard was removed from the corporation a year ago at the request of the creditor banks, so the owners are extremely Ukrainian shareholders ISD. The commentary InvestGazeta Jacek Lenski said that currently 75% of enterprises controlled by the Cyprus company, controlled by Sergei Taruta, Vitaliy Hayduk and Oleg Mkrtchyan.

In Gdansk shipyard owned by the former owners of the corporation ISD there are still several tens of assets not acquired by the Russians. Most of them are managed by a consortium of Industrial Group ", which up to 2008 showed a loss of half a million hryvnia. Russians have bought just steel - the most profitable - enterprise. Thus, Vitaliy Hayduk and Serhiy Taruta It sold its core business, remained with a multitude of disparate in its geography and specialization of assets.

from some of them former owners will have to get rid of ISD. Without profit-generating profit center in the form of metallurgical plants for a long time to support non-core business assets will not. Most likely, two scenarios of the situation. In the first version of Vitaly Haiduk out of all non-core businesses, selling its share of partners, and Sergei Taruta already engaged in their reformation, optimization and resale. In the second ex-partners themselves define their sphere of influence, conduct transactions, and once the total assets are a sole proprietor.

It is still difficult to determine what may reserve Vitaliy Haiduk. Perhaps he will try to gain a foothold in the most promising companies working in the hospitality market in the AIC (Bahmutskiy Agrarian Union "), as well as in aviation (ISD-Avia). Sergei Taruta, after which the proportion has remained in the corporation ISD, may be interested in maintaining control over the assets, having synergy with the iron and steel production (metal-UMMC, "Óêðñòàëüêîíñòðóêöèÿ" etc.), as well as on the construction companies ( "Azovinteks). If some of these assets will be put up for sale, then, as the analyst believes IR Foyil Securities Ismael Safaraliyev, buyers should look for among the major regional financial-industrial groups, including, for example, "Metinvest" and "Eurasia". "International players in the small assets such as Dnipropetrovsk Pipe Plant will not go" - the expert said.

In that section of property has already begun, has hinted he Vitaliy Haiduk. "I sold my stake in the corporation ISD. But there are a number of assets that are not included in the corporation, although associated with it one way or another. Possession of the assets of three shareholders may create a conflict of interest as the corporation ISD another part of owners. For him we are in the normal negotiation process, and if a conflict of interest will be, I think we will solve it "- he said in an interview with a Ukrainian newspaper. Andrew Gerus of IR Concord Capital confirms that now is a negotiation process on the division of business, not formally included in the ISD (for example, UMMC). This expert is confident that the partners agree, and high-profile divorce cases, the processes we do not see. In fact, former partners remains only to formalize the section area of interest. IR BG Capital analyst Eugene Dubogryz said Vitaliy Hayduk and Serhiy Taruta not lead a joint business for about one and a half years. The exception was a corporation ISD, which, however, was under the operational control of management, closer to Taruta.

Meanwhile Vitaliy Hayduk and Serhiy Taruta must be agreed quickly, as companies have already begun to feel pressure from the suppliers of raw materials and public funds. Most wake-up call rang out from Serbia. A few days after it became known about transition controlling stake in DIS in the hands of the Russians, the Serbian Agency for Privatization of State Property to terminate the contract for the sale of Carriage holding Kraljevo wagon factory "Related Taruta firm Azovimpeks. The formal reason was the failure to comply with the conditions the investor contract with the unions. At the same time Metinvest Holding Rinat Akhmetov sued by companies belonging to the ISD, 132,6 million UAH. because of their failure to meet contracts for the supply of iron ore.

is not easy

Ukrainian businessmen can be given to maintain control and over the Gdansk shipyard. The company isunprofitable, and they (especially Vitaliy Haiduk) is no control over the assets that generate sufficient income to maintain the shipyard afloat. In the best case will hold for the cradle of "Solidarity" to the nearest growth of its capitalization in order to sell the company. To do this, owners will have to use some of the money from the sale of metallurgical assets. Local trade union is ready for such a scenario. Its chairman Roman Galenzevsky told Polish media that the current shareholders have not been able to assure him that a year or two shipyard will not fall into the hands of the Russians, Chinese or Americans. "But for us the most important thing that we have jobs, and people - work" - underlined the union leader, thereby hinting that prevent change of ownership of enterprise workers will not.

Among the Ukrainian assets which have synergies with its iron and steel production, ex-partners to share between them Dnipropetrovsk Pipe Plant (LED), metal trader "Ukrainian Mining and Metallurgical Company" and "Ferkon-holding". The latter is the majority shareholder of a number of companies engaged in production and installation of steel structures.

Why Russia"s investors do not want to buy these assets? Ismael Safaraliyev believes that the "appendages" such as pipes and coke seemed unattractive to new shareholders, as the pipe plant is not experiencing the best of times, and Alchevsk Coke has long suffered from a shortage of raw materials. However, perhaps such specifics of the transaction was connected with the peculiarities of the internal structure of the distribution of assets among the former owners of the corporation. Andrew Gerus suggested that buyers of a controlling stake ISD profile investors simply are exclusively under the steel industry, and other assets do not reside in their interests.

basis of new business

Sergei Taruta right to call himself not only a metallurgist, but city planners. In his record list is the reconstruction and modernization of Baturin Lviv. But if in the case of the hetman"s capital was costly patronage, the largest city in Western Ukraine businessman earns a good idea. His company Azovinteks "build there stadium under Euro 2012, and reconstructs the local airport. If you do not take into account the 24% stake in the corporation ISD, then this is the company today brings the entrepreneur most revenue.

In

"Azovinteksa Sergei Taruta without the partnership of Vitaly Haiduk controls the company" Azovimpeks ", as well as holding Mediainvest groups" (the newspaper "Economic news" magazine "Expert Ukraine" and others). This Hayduk also originally developed his own a media pool - holding "Evolution Media, which controls proUA," Comments ", Weekly.ua, PHL, the newspaper" Day ". The experts of the market, noting the resumption of growth of advertising, consider that the former owners of the ISD to sell these assets will not, especially since they have nothing to share.

For the Vitaliy Haiduk

basis of its new business group may be, except the media, with its vertically integrated agrarian part of the Industrial Group, as well as the hotel business. Consortium "Industrial Group" controls hotel-entertainment complex "Victoria" (Donetsk), pension "Donbass" Wellness Center "Aivazovsky" and JSC "New engineering technology" - the owner of the hotel "Hyatt" in Kiev. According to media reports, in May of last year"s 33.34% stake in the capital owned by a consortium associated with Vitaliy Hayduk ZAO Vizavi "on 33,33% owned by Serhiy Taruta involved with the JSC" Vega "and the Cyprus-based company Uniglow Limited. According to unconfirmed information, but then Vitaliy Haiduk bought shares of its partners, but the status quo is preserved, because the money not been paid.

If this is true, then for the resumption of the transaction Vitaliy Haiduk will use his cache of Russians. Sale of former partners in the hotel "Hyatt" third parties is unlikely. "Most likely, the structure of its owners, or maintained parity, or one of them buy out the stake of another", - says Andrey Gerus. Since it accepts the analyst"s investment banking department Astrum Investment Management Kirill Zuykov. "Ukraine is experiencing shortage of high quality resources in the segment of the hotel, especially since such a high level. During the World Cup soccer 2012," Hayat "could bring the owners a good profit. And after the tournament, such hotels will be very great demand," - said the expert.

Before the ex-partners, ISD is a difficult task - to determine what will be the foundation of their new business, as well as get rid of unprofitable assets. Only a well-costed strategy development and investment will eventually return them to the top of the top lists of the most successful Ukrainian entrepreneurs, where they first appear not as partners.

Igor Goshovsky

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