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Rosneft buys government’s stake in Bashneft

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Staff Writer | October 14, 2016
Bashneft
Oil exploration   The board unanimously approved

Under the Government of the Russian Federation Decree, Rosneft carried out necessary actions to execute the acquisition of the vovernment’s stake in Bashneft representing 50.0755% of its charter capital.

The board unanimously approved Rosneft’s potential entry into Bashneft equity. In accordance with the BoD resolution Igor Sechin, Rosneft chief executive officer, signed the sale and purchase agreement of 88 951 379 Bashneft shares for RUB 329.69 billion.

On October 12, 2016 Rosneft fully met its obligations under the agreement, by paying RUB 329.7 billion to the accounts of the Federal Treasury. The deal for the acquisition of the controlling share of the company is closed.

After the Russian President noted potential synergies from the deal and the Government Decree was released Rosneft stock price increased by 7.5% with the corresponding RUB 260 market cap growth.

Therefore the first phase of the integrated deal maximizing budget revenues from the sale of the state owned oil and gas assets included in the Privatization Program for 2016 was successfully completed.


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