Major shareholders of Sibneft and YUKOS completed a deal for merging the two companies announced earlier. It resulted in the creation of Russia’s largest private oil and gas company YukosSibneft.
A joint statement of the companies stresses that on October 2, 2003, YUKOS made the last settlement for Sibneft’s shares amounting to 20 percent minus one share of its share capital. The total volume of monetary resources allocated by YUKOS for purchasing this stake was $3bn. After this on October 3 YUKOS received 3,413,735,740 Sibneft shares (72 percent plus one share of its share capital) in exchange for 702,397,159 shares (26.01 percent of share capital) of YUKOS.
For exchanging them for Sibneft’s shares, YUKOS used previously floated shares, as well as shares of a new issue. The total number of newly-floated shares reached 463,524,307, including 6,481 shares placed via a private offering among companies that represented Sibneft’s major shareholders. After a report on the result of the floating on the shares of the new issue is approved by the Russian Federal Commission for the Securities Market, the total number of floated shares of the merged company will be 2,700,488,885.
An extraordinary meeting of YUKOS shareholders, scheduled for November 28, 2003, will discuss amendments to the company’s articles of association, including renaming the company. It is also planned to elect the board of directors and adopt the amount of interim dividends. Among other things, the drafted articles of association suggest the creation of an executive board that would settle current issues.
“Next year we shall start turning the merged company into one of the leading participants of the international energy market.” YUKOS CEO Mikhail Khodorkovsky stated.
It is worth mentioning that USA-based ExxonMobil has stated its readiness to buy 40 percent of YukosSibneft. According to Western mass media, the company has offered $25bn for this stake. However, Khodorkovsky refused to make any comment.
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