03 February 2004 09:43
Russia`s Yukos, Sibneft oil majors formalize demerger
Moscow, 2 February: Representatives of the core shareholders of Yukos and Sibneft on Monday [2 February] signed a
protocol which reverses their previous deal and splits the companies. This is said in a press release by [Sibneft's
main shareholder Roman Abramovich's] Millhouse Capital, which manages the assets of Sibneft's principal
owners.
"The sides agreed to take, within as short a time as possible, all necessary action to implement the protocol
signed," the press release says. It gives no further details.
In his comments on the Millhouse statement, Yukos-EP [Exploration and Production] President Yuriy Beylin has told ANI
[Interfax's Oil Information Agency]: "Two groups of shareholders which signed the protocol are fully entitled
to take any decision which does not contravene legislation and the company's charter. In the interests of all
shareholders, the Yukos oil company will in turn be guided by universally recognized rules of corporate governance and
respective corporate procedures."
The core shareholders of the Sibneft open-type joint-stock company and the Yukos oil company on 3 October announced
the completion of a deal to merge the two companies. As a result of that deal, Yukos became the owner of 92 per cent of
Sibneft's shares, while Sibneft's shareholders took possession of 26.01 per cent of shares in Yukos. On 28
November, however, it was announced that the Yukos-Sibneft merger had been suspended, and on 16 December Sibneft's
shareholders said that the merger would not go ahead.
[Interfax news agency] |
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