US firm aims for 20% Lukoil stake
August 30, 2004
Moscow - US oil firm ConocoPhillips, already well-placed to buy the Russian state's remaining 7.59 percent state in Lukoil, wants to acquire at least 20 percent in the oil giant, business daily Vedomosti said on Monday.
An executive from ConocoPhillips told the paper that it had set 20 percent as a minimum threshold so it would be able to consolidate a holding in Lukoil, Russia's second largest oil group, into its accounts.
The auction for the 7.509 percent state-owned stake, which is to be sold in a single lot, is scheduled to take place on September 29 at a starting price of $1.928 billion.
Vedomosti said that ConocoPhillips could acquire the additional shares over the open market or from top Lukoil executives, who together control some 21 percent of the group.
Analysts at the UFG investment house said Monday that with a 25 percent holding, Conoco Phillips would be able to block unfavourable decisions at AGMs, have representatives on its supervisory board and include Lukoil's reserves in its global portfolio.
Russian President Vladimir Putin met at the end of July with the US oil giant's chief executive officer, James Mulva, along with Lukoil president Vagit Alekperov, in a move seen as giving the green light for the purchase of a holding by ConocoPhillips. - AFP
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