Russia's biggest privately owned oil producer, OAO Lukoil Holdings (LKOH.RS), won't execute in full its option to buy back its shares from ConocoPhillips (COP), the oil company's vice president told reporters Tuesday.
Russia
's
biggest privately owned oil producer, OAO Lukoil Holdings (LKOH.RS), won't
execute in full its option to buy back its shares from ConocoPhillips (COP),
the oil company's vice president told reporters Tuesday.
Leonid Fedun said the company won't take a new debt for the purchase of its
shares, and regards the shares it has already bought as a financial reserve.
He added that the company is also considering a possible cancellation of the
stake.
Lukoil bought back 7.6% of its own shares from ConocoPhillips on Aug. 16 for
$3.44 billion and holds an option to buy the
U.S.
oil
major's remaining 11.6% stake in the company for $5.53 billion before Sept. 26.
ConocoPhillips has held a 20% stake in Lukoil since 2006, but announced in
March its plan to sell the stake either on the open market or to a strategic
investor. Under a shareholder agreement, ConocoPhillips can only sell 0.6% of
shares on the open market every month.
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