Nelson Resources extends bid talks with Russia's Lukoil

0 Comments | AFP, October, 2005

LONDON (AFP) — Nelson Resources said it has extended talks with Lukoil over the Russian oil giant's proposed 2.0-billion-dollar (1.67-billion-euro) cash bid for the group.

Bermuda-based Nelson Resources, which owns oil and gas producing fields in Kazakhstan, had initially sought to reach an agreement with Lukoil by October 12.

Nelson Resources would try "to obtain a fair offer from Lukoil to minority shareholders on terms consistent with those to be received by the majority shareholders", it said Thursday in an official statement.

Meanwhile, Lukoil announced Thursday that it has secured a 2.0-billion-dollar loan facility to finance the deal for Nelson, which is listed in London and Toronto.

Nelson said that 64.96 percent of shareholders have now...