Moscow to float 4.5 % stake in LUKoil in late August

The state will start floating 4.5% of LUKoil shares on Western markets in late August, Russian State Property Minister Farit Gazizullin announced. According to the minister, a fundamentally new instrument of privatisation will be used. The state will launch the share issue in the form of American Depository Receipts (ADRs) for subsequent distribution on Western markets.