Sibneft and TNK reach agreement on equity stakes in Onako

Dec 11, 2000 01:00 AM

Sibneft and Tyumenneft (TNK) announced that they had reached agreement on the disposition of equity stakes in the Onako holding and in Orenburgneft, Onako's main oil production unit. The deal provides for Onako to be managed by both Sibneft and TNK.
Sibneft presently holds about 1 % of shares in Onako, but it also owns about 40 % of Orenburgneft and won three out nine seats on Onako's board of directors at the company's shareholders meeting on November 17. TNK, meanwhile, paid the Russian government $ 1.08 bn for an 85 % share in Onako in September and won five board seats at the November 17 shareholders meeting.
Under the agreement, Sibneft will swap its stake in Orenburgneft for equity in Onako, thereby raising its stake in Onako to about 30 %. TNK, in turn, will retain majority control of Onako and use the Orenburgneft shares received from Sibneft to consolidate shares in the production unit with shares in the parent company.

Sibneft and TNK began negotiations on the disposition of Onako in September, and Sibneft's First Vice President Aleksandr Korsik said in late November that the two sides had reached an agreement in principle.
TNK purchased the 85 % stake in Onako through Evrotek, an affiliate of its top shareholders. Evrotek agreed to pay more than double the asking price for its stake in Onako. The company has said it will finance the purchase with loans from Alfa Bank, Sberbank and Vneshtogbank of Russia as well as a credit from Westdeutsche Landesbank of Germany.

Source: NewsBase
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