AO Yukos Oil Co., Russia's biggest oil producer, agreed to dissolve its $13.9 billion takeover of OAO Sibneft after a dispute over management of the combined company scuttled the country's largest merger
Published:
18 December 2003 y., Thursday
The companies agreed to a new transaction that lets Sibneft shareholders repurchase the 92 percent of Sibneft they sold to Yukos, with Yukos receiving the cash and shares it paid for the stake, Deputy Chief Executive Yuri Beilin said at a press conference in Moscow. Details of the accord are being discussed. Sibneft won't have to pay a $1 billion breakup fee, Beilin said.
Canceling the merger may open the way for companies such as Exxon Mobil Corp. to buy stakes in Yukos and Sibneft as international oil producers look for Russian assets to reduce their reliance on Middle East oil. The Yukos-Sibneft takeover collapsed after former Yukos Chief Executive Mikhail Khodorkovsky was jailed Oct. 25 on fraud and tax evasion charges.
Shares in Yukos fell 4.26 rubles, or 1.5 percent, to 286 rubles as of 6:45 p.m. on the Moscow interbank currency exchange, the lowest in 12 months compared with closing prices. Sibneft shares rose 9 kopeks, or 0.1 percent, to 79.50 rubles.
Yukos is asking Sibneft shareholders to pay an unspecified amount of interest on the $3 billion in cash it paid for part of the Sibneft stake, Beilin said.
Šaltinis:
Bloomberg
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
On 31 August 2009 in a non-public way AB Bank SNORAS issued the emission of perpetual debt securities included into the bank capital amounting to LTL 72.5 million.
more »
The European Commission, through its longstanding cooperation with the US and Canada, announces the launch of 33 new and innovative projects involving universities and training institutions on both sides of the Atlantic.
more »
Today at the VII World Congress on Alternatives and Animal Use in the Life Sciences in Rome, the European Commission and the European cosmetic industry presented their joint financial effort for research into alternative safety testing methods.
more »
SEB Bank, the largest bank in Lithuania, invests almost LTL 4.6 million in to the upgrade of its data transmission network.
more »
The World Bank’s Board of Executive Directors today approved a credit of US$ 36.6 million equivalent of additional financing for the Lifeline Road Improvement Project for Armenia.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Latvia's performance under an economic program supported by a 27-month Stand-By Arrangement.
more »
The Commission has today decided to close the formal investigation procedure into the privatisation and restructuring of Austrian Airlines concluding that the restructuring following its sale to Lufthansa is compatible with community law.
more »
Ben Bernanke's reappointment as head of the Federal Reserve did not come as a surprise, but Wall Street still responded with the proverbial thumbs up.
more »
Over I half-year 2009 accommodation establishments had by 22 per cent less guests.
more »
In the first such transaction in Russia, carbon credits generated by utilising gas which would otherwise be flared at an oilfield in eastern Siberia are to be purchased through a carbon fund set up by the EBRD and the European Investment Bank (EIB), the Multilateral Carbon Credit Fund (MCCF).
more »