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 August 4, the first chartered flight of "The Japan Airlines" will arrive from Tokyo in the Baltic States and land in Riga.
more »
1.6 billion rouble loan to overcome problems holding up expansion of city of Surgut
more »
Nordic Shared Services & Outsourcing Forum 2009, 26 – 27 August, Sweden
more »
Results of the latest price survey by Eurostat show that Lithuania is on the list of the TOP 10 least expensive countries in Europe.
more »
The European Commission's Digital Competitiveness report published today shows that Europe's digital sector has made strong progress since 2005.
more »
US President Barack Obama said that the economy was weaker than he thought when he took office, but there are signs of improvement.
more »
The EIB and UniCredit Group strengthen their cooperation to implement the Joint Action Plan of the largest multilateral lenders in Central and Eastern Europe who have committed to provide up to EUR 24.5 bn lending to the SME sector hit by the global economic crisis.
more »
Within the first half of 2009, AB Bank SNORAS earned LTL 24 million of unaudited profit.
more »
10,000 workers were helped by the European Globalisation Adjustment Fund (EGF) last year and of these, more than two-thirds found a new job, according to a report adopted by the European Commission today.
more »
SEB recently won awards for best consumer Internet banks in Lithuania and Latvia in a ranking presented by Global Finance Magazine.
more »