LUKOIL has closed a deal to buy out 7.6 percent of its own shares from ConocoPhilips, Finam.fm reports, noting the Russian company earlier reported the deal would be worth $3.442 billion.
On July 27, LUKOIL Finance Ltd., a 100 percent LUKOIL subsidiary, inked an agreement with Springtime Hodlings Ltd., a ConocoPhilips affilate, to acquire 64,638,729 (7.6 percent) of ordinary LUKOIL shares at a price of $53.25 for a total of $3,442,012,319.25. The agreement also includes an option to buy depository receipts representing another 11.61 percent by September 26, 2010.
LUKOIL Buys Out Its Own Shares From ConocoPhilip
Source : Oil and Gas Eurasia