OAO Rosneft, Russia's second-largest oil producer, raised its number of shares outstanding after it consolidated 12 units. As a result, bankrupt OAO Yukos Oil Co. gained a stake in the company and the state's holding declined.
Rosneft now has 10.6 billion shares outstanding with the government's stake cut to 75.2 percent, the Moscow-based company said in an e-mailed statement today. Before the consolidation, the government held 85 percent of Rosneft's 9.38 billion shares.
Yukos received a 9.44 percent stake in Rosneft in exchange for its 23 percent of OAO Yuganskneftegaz, according to data compiled by Bloomberg. Rosneft gained control of Yuganskneftegaz after the government seized its common shares from Yukos and sold them at an auction in 2004.
Rosneft successfully pressed a bankruptcy case against Yukos earlier this year. It may acquire more assets at the company's liquidation, Rosneft Chief Financial Officer Peter O'Brien said yesterday during a conference call.
Shareholders in Rosneft's major subsidiaries agreed to the consolidation as the company prepared for a public share offering this summer. The $10.7 billion sale was the world's fifth-biggest.
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