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West Siberian Resources To Merge With Russia's Alyans-Report

Stokholm-listed West Siberian Resources Ltd. (WSIB-SDB.SK) has reached a preliminary agreement to merge with Russia's privately-held NK Allyans, the Vedomsoti business daily reported Tuesday, citing unnamed sources.
Τρι, 15 Ιανουαρίου 2008 - 02:51
Under the deal, West Siberian will get 100% of Allyans' shares, while the Russian company will get a 60% stake in West Siberian, whose market capitalization stands at $973 million. West Siberian will issue new shares as part of the transaction.

West Siberian has licenses to develop fields in the Tomsk region of Siberia and has proven and estimated oil reserves under Society of Petroleum Engineers standards of 50.4 million tons.

Allyans, owned by the Bazhaev family, has downstream capacity including a refinery with a 3.2 million ton annual capacity and 260 gas stations.

Analysts polled by Vedomsoti value Allyans at between $1 billion and $1.6 billion.

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