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11

Russian State's Buyng Gazprom Stake On the Cheap Failed

Russia's natural gas monopoly Gazprom's board disagreed with the price

Russia?s natural gas monopoly Gazprom?s board disagreed with the price of a 10.74 stake which the Russian state wanted to buy.
The meeting which continued until at least midnight, was postponed until Thursday.

Last week the Russian Economy Ministry prepared a government directive which said that the state would pay $7.15 billion for Gazprom?s stake, just below current market prices.

However, according to the evaluations of Morgan Stanley and Dresdner Kleinwort Wasserstein investment banks, the price should be between $8.4 billion and $11.5 billion.