"The receiving Millhouse Capital Co. has acquired management of a 57% Sibneft block the Yukos was formerly holding," the Sibneft says in a statement.
A control block ceded to its original holders comes as an initial step to implement understandings Yukos and Sibneft stockholders made early this year to divide the two companies after a short-lived merger, points out the statement.
As the biggest Yukos and Sibneft holders announced a year ago, October 3, 2003, the merger transaction came to final success to set up Russia's largest private oil-and-gas mammoth, the Yukos/Sibneft. The partners exchanged their stock to involve older Yukos shares alongside the latest emission. The Yukos eventually took hold of 92% of Sibneft stock for a 26.01% block.
