Lukoil to buy ConocoPhillips interest

OAO Lukoil has exercised its option to buy 42.5 million Lukoil depositary receipts held by ConocoPhillips at a price of $56/share.

Sept. 28, 2010

By OGJ editors
HOUSTON, Sept. 28 -- OAO Lukoil has exercised its option to buy 42.5 million Lukoil depositary receipts held by ConocoPhillips at a price of $56/share.

ConocoPhillips, which earlier sold 40% of its Lukoil stake to the Russian company for $3.44 billion, last month said it intended to sell the remaining interest to Lukoil or on the open market (OGJ, Aug. 9, 2010, Newsletter).

It expects to receive $2.38 billion in the new deal.

Lukoil said it will make the purchase with a group of investors without raising total debt in a transaction arranged by UniCredit Bank AG.