OREANDA-NEWS. On December 20, 2007 following the acquisition of 20% less one share in Rosbank for $634 mln, and after having received all the necessary regulatory approvals from the Central Bank of Russia and the Federal Antimonopoly Service, Societe Generale has decided to exercise its call option on Rosbank at the price of $1,700 mln, reported the press-centre of Rosbank.

Societe Generale will thereby increase its stake to 50 % + 1 share by mid-February 2008 hence taking control of Rosbank.

The exercise of the option will trigger a mandatory offer to current minority shareholders which will lead to the increase of Societe Generale"s stake in Rosbank up to 57,8% by the end of 1st half 2008. The total price for a 57,8% stake in Rosbank should amount to$2,775 mln. The Group intends to continue its successful relationship with Interros which should remain a significant minority shareholder of Rosbank in the medium term.

Societe Generale acquired first 10% stake in June 2006 for $317mln; in September 2006, SocGen acquired further 10% - 1 share for $317mln with the option to buy 30% of Rosbank for $1,7 bln.

Vladimir Potanin and Michael Prokhorov controlled jointly a 34,5% stake in Rosbank with 11,03% owned by minority shareholders.