Money for Lukashenko 11:38, 10/12/2002, Mariya Ignatova, “Izvestia”
On Monday the “Sibneft” company officially announced the purchase of the Belarusian portion of “Slavneft’s” shares (10,8%) for $207mln. Analysts believe that this deal increases the chances of “Sibneft” to defeat its competitors at the forthcoming on December 18 Russian auction on selling 74,9% of the company’s shares. However, if this doesn’t happen, “Sibneft” may anyway earn around $77mln on its purchase.
Belarusians sought to sell their stock for the last couple of weeks. The starting cost for 10,8% of shares was established at the level of $200mln. The only buyer was “Slavneftebank”, acting on behalf of “Sibneft”, paid at the end $207mln. In course of the last week the sides have been negotiating hard, as Belarus tried to persuade “Sibneft” to pay $250mln instead. However, the company only yielded to pay no more than an extra 5% of the original cost. “Sibneft” doesn’t divulge the size of their original offer, noting though that the evaluation of the Belarusian stock by the company amounted to $100-120mln only. “The takeover of shares significantly raises the chances of “Sibneft” to claim victory at the Russian auction. Now, along with the 12,92%, which “Sibneft” controls together with TNK, and shares, acquired by “Sibneft” over the recent past at the open market, it possesses according to our estimations what they call “a blocking stock” of “Slavneft”, report the sources in the “Troika-Dialogue”.