LUKOIL chief Vagit Alekperov, on the photo, and vice president Leonid Fedun spent $1.6 billion to widen their stakes in the company.
Photo: Andrei Makhonin
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Alekperov, Fedun Bought More of LUKOIL
LUKOIL chief Vagit Alekperov and vice president Leonid Fedun spent $1.6 billion to widen their stakes in the company. As a result, Alekperov currently owns 20.4 percent, nearly as much as LUKOIL biggest holder ConocoPhillips of the United States. Top managers bought out the stakes at the price above the market one, but the implementation of plans of Russia’s new PM Vladimir Putin in part of introducing benefits in the oil sector will make the investment very profitable.
It was announced on LSE yesterday that LUKOIL chief Vagit Alekperov and vice president Leonid Fedun clinched deals May 6 to widen their ownership in the company. Alekperov acquired 11.13 million stocks (1.3 percent in LUKOIL), having paid 24.57 billion rubles ($1.03 billion) to widen the stake to 20.4 percent. Fedun bought 6.7 million stocks (0.8 percent) for 15.15 billion rubles ($637.4 million). The actual size of his stake is unknown, but Fedun owned 8.3 percent a year ago.
In ownership, Alekperov is currently the second to the company’s strategic holder ConocoPhillips that controls 20.6 percent in LUKOIL. The aggregate ownership of the management stood at 28 percent as of past May. If the stakes of other managers haven’t changed and Fedun has bought only those 6.7 million stocks during the year, LUKOIL chiefs own a third of the company now.
According to LSE, Gatecraft Limited sold the stocks to Alekperov and Fedun. But that firm is affiliated to IFD Kapital, where Fedun is the biggest holder and Alekperov owns a stake as well. In essence, top managers of LUKOIL bought stocks from themselves May 6. LUKOIL declined to comment on the deal yesterday, people in IFD Kapital acknowledged the affiliation with Gatecraft Limited but refused to elaborate on details of the deal.
www.kommersant.com
All the Article in Russian as of May 13, 2008
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