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24

Russian Oil Giant Bought Kazakh Firm Stake

The takeover proposal was 13% below market value

Russian oil major LUKOIL has bought 57.64 percent of Toronto-listed Kazakh oil producer Nelson Resources for around $1.1 billion.

Nelson is a former Canadian gold company now focused on oil and gas in central Asia.
Four major shareholder groups, owning nearly 67% of the stock, have entered into lockup agreements with Lukoil to sell their shares.

The takeover proposal by wholly owned Lukoil Overseas, initially announced Oct. 3, was 13% below Nelson's pre-bid stock market value.