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
The European Commission approved an application from Spain for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Commission today reiterated the potential of existing EU-rules on mediation in cross-border legal disputes, reminding Member States that these measures can only be effective if put in place by Member States at national level.
more »
Exports of animals and animal products from the European Union to Russia are expected to receive a boost after five new certificates for exports between the EU and the Russian Federation entered into force on August 15.
more »
World Bank Group President Robert B. Zoellick visited Moldova on August 11-12 at the invitation of Prime Minister Vlad Filat.
more »
These are the financial results of the banking activities of the Danske Bank Group in Lithuania (Danske Bankas and Danske Lizingas UAB).
more »
The European Investment Bank (EIB) today signed its first loan agreement with Armenia.
more »
Given the worsening food crisis in the Sahel, the Commission today agreed to disburse €14.9 million for food security in Niger, the worst affected country in the area.
more »
The European Commission has cleared under the EU Merger Regulation the proposed restructuring of Arnotts' debts in return for a transfer of control to Anglo Irish Bank and Royal Bank of Scotland (RBS).
more »
The European Commission today approved a new financial support package of €135 million for Morocco.
more »
The European Commission is allocating an extra €10 million in humanitarian aid for Liberia.
more »