The second largest oil producer in Russia, Lukoil, wants to buy 25% of its shares from foreign investors with funds accumulated in its accounts in banks abroad, Bloomberg reports.
This was reported by the Russian agency “Interfax” with reference to sources who wished to remain anonymous.
The oil company, which submitted a buyout request to the Moscow authorities, wants to purchase shares, including share certificates, at a discount of at least 50%, Interfax reports.
This summer, the Russian company PJSC “Magnit” bought almost 17% of its shares from foreign investors at a discounted price.
Lukoil representatives did not respond to Bloomberg’s request for comment.
Lukoil’s current market capitalization is about 4,600 billion rubles ($48.8 billion), so a quarter of the shares would be worth about 1,150 billion rubles at the current market price.
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.