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NewsFriday, 29 May 2009
Gazprom Neft starts buying up Sibir Energy shares
Friday, 29 May 2009
Interfax reported that Renaissance Securities has announced a new wave of purchasing of shares in Sibir Energy in favor of OJSC Gazprom Neft through which the Russian company intends to consolidate all Sibir Energy currently in free float.
The minority shareholders in Sibir Energy can now present their stock for purchase at an earlier set price of 500 pence per share. In addition, Gazprom Neft, or companies affiliated with it, could acquire Sibir Energy shares that were not included in the aforementioned offer. These include stakes held by Bennfield the Moscow government, through OJSC Central Fuel Company and the Bank of Moscow.
At the same time, the price and terms for possible transactions could differ from the offer presented to minority shareholders. However, Gazprom Neft has yet to produce direct or indirect confirmation that it will purchase these shares.
Earlier this week, Gazprom Neft and Sibir Energy signed a framework agreement, through which the former company would put up an offer for all of the latter company's shares, both those already issue and those that would be issued in future. The agreement foresees a fixed price of 500 pence per share.
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