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Lukoil to buy back its shares from ConocoPhillips
29.07.2010
Lukoil has received an option for the buyback of 11.61 percent of its shares in the form of depository receipts from ConocoPhillips before September 26, 2010, Lukoil indicated in a statement today. Earlier, the U.S. company announced that the Russian oil giant would buy back 7.6 percent of its shares.
According to Lukoil, its fully-owned subsidiary Lukoil Finance Ltd. has signed an agreement with Springtime Holdings Ltd. (ConocoPhillips's affiliate) on the purchase of 64,638,729 ordinary shares of Lukoil (7.6 percent) at $53.25 per share for a total of $3.442bn.
Meanwhile, in its financial statement for the second quarter of 2010, ConocoPhillips announced that it was poised to sell its stake in Lukoil by the end of 2011. Currently, the company owns 163.3m ordinary shares of Lukoil.
www.rbcnews.com/
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