ConocoPhillips Annoucnes Tender to Buy 2.4% of Lukoil Shares
Created: 30.09.2004 13:05 MSK (GMT +3), Updated: 13:05 MSK, 26 minutes ago
ConocoPhillips headquarters in Houston, TX / Photo from
www.conocophillips.com
U.S. oil company ConocoPhillips announced on Thursday, September 30, a tender for the purchase of 20.418 million shares of Russian oil major Lukoil, which amounts to 2.4 percent of the Russian company’s charter capital. The tender was open at 8:00 GMT and will be closed on 16:30 GMT on Friday, October 1, the U.S. company’s press release said.
ConocoPhillips announced that it is ready to buy both Lukoil’s common shares, traded in Russia, for a price of $30.76 per share, or its ADRs (American Depositary Receipts) for a price of $123.04 per piece. The tender is organized by Credit Suisse First Boston (Europe) Ltd or another structure affiliated with the Credit Suisse Group. The U.S. oil company announced that it may buy a larger amount of Lukoil’s shares if offered. The current amount of 2.4 percent is connected with Conoco’s desire to bring its total holding in Lukoil to 10 percent before the end of 2004.
As MosNews reported on Wednesday, September 29, ConocoPhillips won the tender to buy 7.59 percent stake in Lukoil Oil Company which earlier belonged to the Russian government. The stake, whose starting auction price was set at $1.928 billion, was bought by ConocoPhillips for $1.988 billion. After the auction the Russian and U.S. oil companies signed a shareholder agreement which stated that ConocoPhillips may at a later date increase its total stake in Lukoil to 20 percent.
Quelle: MosNews