Leonid Mikhelson, a billionaire shareholder and CEO of gas producer Novatek, bought 25 percent of Sibur Holding, the country’s largest petrochemical producer, and may buy the remaining shares.
Mirakl, a company controlled by Mikhelson, has the right to increase its stake to 50 percent, buying another 25 percent from Gazprombank after gaining anti-monopoly approval, Sibur said Thursday in a statement.
Mikhelson and Gennady Timchenko, a Novatek shareholder and co-founder of energy trader Gunvor International, agreed this week to take a two-year option to buy 9.4 percent of the gas producer from Gazprombank. The lender had acquired the Novatek stake from Gazprom a day earlier.
Sibur’s value is 225 billion rubles ($7.4 billion), excluding debt, Gazprombank said in a separate statement. The lender, in which Gazprom holds less than 50 percent, is selling nonfinancial assets to improve its business structure.
Mikhelson may buy up to 100 percent of Sibur, Gazprombank said. The bank, which bought 75 percent in 2005, is now the beneficiary holder of 95.4 percent of the company, according to Sibur’s web site.
(Bloomberg)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
