Russia's Yukos and Sibneft finalize merger

The shareholders of OAO Sibneft and OAO Yukos have finalized their merger into a new company, Russia's largest oil and natural gas company that will rank among the world's largest oil producers (OGJ, Apr. 28, 2003, p. 32).

Oct. 3, 2003

By OGJ editors
HOUSTON, Oct. 3 -- The shareholders of OAO Sibneft and OAO Yukos have finalized their merger into a new company, Russia's largest oil and natural gas company that will rank among the world's largest oil producers (OGJ, Apr. 28, 2003, p. 32).

"This unprecedented transaction was successfully completed in less than 6 months demonstrating the top professional skills of the joint management team," said Yukos CEO Mikhail Khodorkovsky. "In the near future, we will begin the process of making YukosSibneft a truly major player in the international energy market."

Sibneft Pres. Eugene Shvidler said that, "The speed with which we completed the principle steps in the merger process shows how well these two companies fit together."

On Nov. 28, an extraordinary shareholders' meeting of Yukos will consider amendments to Yukos corporate charter, including the official name change to YukosSibneft Oil Co., as well as the election of a new board.

On Thursday, Yukos effected the final $1.25 billion payment. The total cash consideration was $3 billion.