Lukoil share issue a response to growing competition from Russian oil firms

Economic necessity is proving to be the mother of invention for Russia's state-controlled OAO Lukoil, as it comes to grips with a rising tide of competition from several emerging Russian oil companies.At the end of last month, Russia quietly put up for sale a 5.9% stake, or 50 million shares, in Lukoil. Morgan Stanley handled the offering on the London Stock Exchange, and the issuance garnered close to $800 million. That's nearly $87 million more than if the Russians had consummated the financial transaction back in July, when it originally planned the share issue. "Obviously, the Russian government needed to raise capital, and this reduces the state's stake in Lukoil; from a ...

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