Russia's largest private oil company, LUKoil, is to buy back 7.6 percent of its shares from U.S. oil and gas company ConocoPhillips for $3.44 billion, LUKoil said on Wednesday.
"Today LUKoil Finance Ltd., a 100 percent subsidiary of OAO LUKoil, signed a stock purchase agreement with Springtime Holdings Ltd., an affiliate of ConocoPhillips, to purchase 64,638,729 OAO LUKoil ordinary shares (7.6% percent) at $53.25 per share for a total of $3,442,012,319.25," LUKoil said in a statement.
ConocoPhillips says it will sell its remaining Lukoil holdings, about 12.4 percent of the company’s stock, by the end of 2011.
LUKoil shares rose 2.75 percent on the Moscow Interbank Currency Exchange by 17.15 Moscow time on Wednesday after the company said it had signed the repurchase agreement.
