Russia cancels Gazprom, Rosneft merger

05/23/2005
The Russian government has canceled the merger between gas monopoly OAO Gazprom and OAO Rosneft. It plans to raise its ownership stake in Gazprom.Economic development officials said the government will authorize Rosneft to buy an interest in Gazprom in what US analysts called a complex transaction geared to give the Russian government direct majority control over Gazprom.“The government will contribute Rosneft’s shares to a newly created 100% owned entity, Rosneftegas, which will raise debt to buy out 10.7% of Gazprom’s treasury stock and might subsequently sell part of its stake in Rosneft to repay debt,” said Standard & Poor’s (S&P) Rating Services ...
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