Support The Moscow Times!

Exillon Energy Takeover Offer Fizzles as Major Shareholders Pull Back

Exillon Energy said it was no longer actively engaged in offer talks and was unaware of any third party interested in making an offer for the company, a day after its largest shareholder, Seneal International Agency Ltd — controlled by Russian billionaire Alexei Khotin — said it would not raise its stake in the oil producer.

Shares in London-listed Exillon fell as much as 24 percent on Wednesday, making it one of the top percentage losers on the London Stock Exchange.

The stock had gained about 47 percent since Exillon's founder and former chairman Maksat Arip made an initial offer approach for the company in July.

Seneal owns a 29.99 percent stake in Exillon.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.