08 September 2003 06:12
YUKOS-SIBNEFT MERGER NOT TO RESULT IN MASS LAYOFFS - KHODORKOVSKY
He said that at the moment the reduction in personnel in the
company amounts to 3%-4% and is as a result of a natural process of
There will not be any mass redundancies as a result of the merger between Yukos and Sibneft, Yukos CEO Mikhail
Khodorkovsky said.
workers resigning and retiring, he said.
After the merger it is obvious that the company's Moscow office will go through a certain rationalization - this
cannot be avoided. In all other regions the personnel will simply be added together, Khodorkovsky noted.
He also stressed that the merger between Yukos and Sibneft should be completed by the end of the year.
As reported earlier, on August 18 the Antitrust Ministry gave its
approval to the merger between Yukos and Sibneft and made some
As reported earlier, on September 4 Yukos announced the purchase of 948,259,926 Sibneft common shares, or 20% minus
one share of the company's charter capital.
These shares are being held by their sellers as collateral until payment in full for the shares upon the completion
of the purchase and sale agreement and the exchange of shares between the main Sibneft and Yukos shareholders.
The acquisition of the Sibneft shares is being carried out as part of an agreement announced in April this year
between Yukos and the main Sibneft shareholders to merge the two companies. Yukos sent the corresponding information to
the Federal Securities Commission.
conditions regarding the deal.
The Antitrust Ministry's approval is valid for one year and if the deal is not carried out within the year this
approval is automatically annulled.
Yukos and Sibneft officially announced their merger in April. Yukos signed a number of agreements with the main
Sibneft shareholders in April 2003, according to which it is planned that the oil company will acquire 20% of the shares
in Sibneft minus one share, paying a total of $3 billion.
Yukos is also acquiring 72% of Sibneft shares plus one share in exchange for 26.01% of the company which will be
renamed YukosSibneft.
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