Europe: Lukoil may buy back continuing to be 6.6% risk from Conoco by end 2011
click here 's Lukoil retains the right to buy back the remaining 6.6% in the business held by US company ConocoPhillips after working out an option to purchase a stake of virtually 5% over the weekend break, a spokesperson for the Russian oil business said Monday.
"There is no deadline for the decision to redeem the remaining stake," he included.
Conoco anticipates to market the remaining shares that it holds in Lukoil "by the end of following year and also it can supply them to Lukoil," the representative said.
Lukoil said Sunday that, in addition to a capitalist group headed by UniCredit Bank, it had exercised an option to purchase 42.5 numerous its own ordinary shares from ConocoPhillips. The Russian company added Monday that the size of the stake it had actually bought back came to almost 5% for a complete factor to consider of $2.38 billion.
"We've gotten a 4.99% risk [from Conoco] for $56 per share," a spokesperson with Lukoil stated.
Prior to the most recent action, Conoco held an 11.61% risk in the Russian oil producer after offering a 7.6% stake back to the firm in mid-August for $3.44 billion.
The stake held by international shareholders in Lukoil continues to be over 50%.
"International investors currently hold over 50% of free-flowed stakes in Lukoil," the spokesperson said.
Investment company Renaissance Funding claimed Monday in a study note that the result was far better than the business's current support, which had been to decrease to work out the alternative. It was also far better than market assumptions.
The option for Lukoil to redeem the 11.61% stake from Conoco was set to end Sunday.
"There is no deadline for the decision to redeem the remaining stake," he included.
Conoco anticipates to market the remaining shares that it holds in Lukoil "by the end of following year and also it can supply them to Lukoil," the representative said.
Lukoil said Sunday that, in addition to a capitalist group headed by UniCredit Bank, it had exercised an option to purchase 42.5 numerous its own ordinary shares from ConocoPhillips. The Russian company added Monday that the size of the stake it had actually bought back came to almost 5% for a complete factor to consider of $2.38 billion.
"We've gotten a 4.99% risk [from Conoco] for $56 per share," a spokesperson with Lukoil stated.
Prior to the most recent action, Conoco held an 11.61% risk in the Russian oil producer after offering a 7.6% stake back to the firm in mid-August for $3.44 billion.
The stake held by international shareholders in Lukoil continues to be over 50%.
"International investors currently hold over 50% of free-flowed stakes in Lukoil," the spokesperson said.
Investment company Renaissance Funding claimed Monday in a study note that the result was far better than the business's current support, which had been to decrease to work out the alternative. It was also far better than market assumptions.
The option for Lukoil to redeem the 11.61% stake from Conoco was set to end Sunday.
