Energy Industry
Industry: Email Alert RSS FeedYukos and Sibneft Close Merger; Deny Exxon Stake Pending.
Oil Daily, The, October, 2003
MOSCOW -- Yukos and Sibneft finalized their mega-merger to create Russia's largest oil and gas holding on Friday, as Yukos denied rumors that a stake in the newly formed company would be sold to Exxon Mobil and Russia's General Prosecutor stepped up its assault on the company.
Yukos paid a final installment of $1.25 billion for 20% minus one share of Sibneft on Oct. 2, and on Friday took over 76% plus one share of Russia's fifth-largest oil producer. The total cash outlay for the Sibneft stake comes to $3 billion, with Sibneft retaining 26.01% of the merged company.
Day one for the new company is scheduled for Jan. 1, 2004, so that management can more easily close the financial year. Yukos on Nov. 28, however, will hold an extraordinary general meeting to...
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