The Life of Cramer 215
Subtitle
Blog
Europe: Lukoil may redeem staying 6.6% stake from Conoco by end 2011
|
|
Russia's Lukoil retains the right to redeem the remaining 6.6% in the company held by US company ConocoPhillips after exercising a choice to buy a stake of nearly 5% over the weekend break, a spokesperson for the Russian oil firm stated Monday.
"There is no due date for the choice to redeem the remaining stake," he added.
Conoco expects to offer the continuing to be shares that it holds in Lukoil "by the end of following year and it can provide them to Lukoil," the spokesperson claimed.
Lukoil stated Sunday that, in addition to a capitalist team headed by UniCredit Bank, it had actually worked out an option to acquire 42.5 million of its very own common shares from ConocoPhillips. The Russian company added Monday that the dimension of the stake it had actually bought back came to nearly 5% for an overall factor to consider of $2.38 billion.
"We have actually bought a 4.99% stake [from Conoco] for $56 per share," a representative with Lukoil claimed.
Before HEDP 60 , Conoco held an 11.61% stake in the Russian oil producer after marketing a 7.6% stake back to the firm in mid-August for $3.44 billion.
The risk held by international investors in Lukoil stays above 50%.
"International shareholders currently hold over 50% of free-flowed stakes in Lukoil," the representative said.
Investment firm Renaissance Capital claimed Monday in a research note that the end result was far better than the business's current assistance, which had actually been to decrease to work out the option. It was likewise better than market assumptions.
The alternative for Lukoil to redeem the 11.61% stake from Conoco was set to expire Sunday.
"There is no due date for the choice to redeem the remaining stake," he added.
Conoco expects to offer the continuing to be shares that it holds in Lukoil "by the end of following year and it can provide them to Lukoil," the spokesperson claimed.
Lukoil stated Sunday that, in addition to a capitalist team headed by UniCredit Bank, it had actually worked out an option to acquire 42.5 million of its very own common shares from ConocoPhillips. The Russian company added Monday that the dimension of the stake it had actually bought back came to nearly 5% for an overall factor to consider of $2.38 billion.
"We have actually bought a 4.99% stake [from Conoco] for $56 per share," a representative with Lukoil claimed.
Before HEDP 60 , Conoco held an 11.61% stake in the Russian oil producer after marketing a 7.6% stake back to the firm in mid-August for $3.44 billion.
The risk held by international investors in Lukoil stays above 50%.
"International shareholders currently hold over 50% of free-flowed stakes in Lukoil," the representative said.
Investment firm Renaissance Capital claimed Monday in a research note that the end result was far better than the business's current assistance, which had actually been to decrease to work out the option. It was likewise better than market assumptions.
The alternative for Lukoil to redeem the 11.61% stake from Conoco was set to expire Sunday.
Categories: None
Post a Comment
Oops!
The words you entered did not match the given text. Please try again.
Oops!
Oops, you forgot something.