Russia to sell LUKoil to single investor

Jun 24, 1999 02:00 AM

Russia has said it will sell a 9 % stake in LUKoil to a single investor, which may attract international bidders such as BP Amoco or Texaco.
However, it is a more likely outcome that the LUKoil subsidiary will buy the shares.
The stake is valued at $ 604.8 mm and is large enough to entitle the buyer to a seat on the board of directors..
Russia, advised by HSBC Investment Bank, plans to sell the stake by September.

Source: IINX via Iinoil
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