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8

Merger Of Two Russian Energy Giants Broke Down

Russia's gas giant Gazprom no longer considers a merger with state oil firm Rosneft

Russia?s gas giant Gazprom no longer considers a merger with state oil firm Rosneft, Russian daily Vedomosti reported on Tuesday, quoting a preliminary investment memorandum, compiled by Gazprom and dated May 15.

The company said that it is ready to opt for a cash compensation deal instead.

The merger had been opposed by Rosneft Chief Executive Sergei Bogdanchikov and a group of government officials who wanted to keep Rosneft independent. The transaction stalled after Rosneft last year bought what had been the largest unit of OAO Yukos Oil Co, which had been confiscated and sold by the government.

Vedomosti quoted Gazprom?s investment memorandum as saying that the natural gas monopoly wants to receive multi-billion compensation for the stake. ?We consider the merger with Rosneft or any other company whose shares are owned by the state as unlikely,? the document says.