YUKOS, Sibneft sign divorce
MOSCOW, Russia (Reuters) -- Russian oil firms YUKOS and Sibneft said on Tuesday they had signed a memorandum to undo their $11 billion merger without compensation, alleviating fears of a lengthy legal dispute.
Sibneft's core owners said in a statement they expected to sign a final deal with YUKOS's core owners on the terms of divorce within the shortest period possible.
Shares in Sibneft rose nearly three percent on the MICEX exchange after the announcement, while YUKOS gained 1.5 percent on the RTS bourse, but was flat on the MICEX.
Sources in both firms said the two sides had agreed that terms of the separation would reflect in reverse the conditions of the merger, under which YUKOS agreed last April to buy 20 percent of Sibneft for $3 billion and 26 percent of its shares against 72 percent of Sibneft.
"There will be no compensation from Sibneft to be paid to YUKOS's owners," one source said.
YUKOS owns 92 percent of Sibneft following effective completion of the merger in October. Sibneft said in November it wanted to end the merger after the arrest of YUKOS's key owner Mikhail Khodorkovsky on charges of fraud and tax evasion. Khodorkovsky had been seen by shareholders on both sides as the man to see through the merger.
The arrest, and a broader attack on YUKOS, which also faces tax-evasion charges and threats of losing oil licenses, is widely believed to have been orchestrated by the Kremlin to punish Khodorkovsky for extensive political activities.
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