01 June 2004 05:33
Yukos tumbles on court ruling
The same ruling led to a rise for Sibneft shares because now the
57.5% stake in the company that is held by Yukos will probably be
MOSCOW. June 1 (Interfax) - Most blue chips fell in early trading Tuesday due to a lack of foreign demand with Yukos
tumbling hardest after Monday's court ruling invalidating a share issue used in the failed Yukos/Sibneft
merger.
unfrozen and return to Sibneft.
Other blue chips were down 0.8% to 2.1% by midday on the MICEX.
The court ruling leaves Yukos with no obstacles to a de-merger with
As of 12:00 p.m., Moscow time, on the MICEX, Sibneft was up 4.6% to 78.48 and Yukos was down 5.8% to 211 rubles.
On the RTS, which began 40 minutes late at 11:40 a.m., Moscow time, due to technical problems, Sibneft was up 4%,
while Yukos had slumped 4.5%.
Sibneft, but at present a deal seeing the return of funds paid during the merger process is impossible because all
Yukos assets, including Sibneft shares, have been frozen, Bank of Moscow analysts said. Such a deal is the best outlook
for Yukos because it would raise the necessary funds to pay off debts to the government. However, it is not clear
whether the government will give Yukos this opportunity, they said.
The drawn out divorce between the two oil giants has undermined hopes for Sibneft's quick sale to one of the
western holding companies, said Anatoly Kaplin of the Aton brokerage. "Canceling the Yukos share issue nears such
an event. Yukos may be able to improve its finances because Sibneft chief Roman Abramovich is trying to return a stake
sold for $3 billion in order to sell his company to foreign investors quickly," he said.
The RTS stock index rose 0.26% to 582.60 points.
The MICEX composite edged up 0.09% to 535.87.
Trading volume was at $0.594 million on the RTS (including $257,000 in direct deals), and 2.464 billion rubles on the
MICEX.
Trading with Gazprom shares on the St. Petersburg exchange opened two hours late at 12:30 p.m., but within minutes
the shares were down 1.1% to 52 rubles.
The S&P/RUX composite ruble index was up 0.25% to 711.62 by midday, and the index in dollars added 0.2% to
146.25.
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