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Bashneft shares up 5% on media reports

Bloomberg earlier wrote that an offer was made by Rosneft’s Chief Executive Igor Sechin to the Russian government to buy the controlling stake of 50.08% in Bashneft for $5 bln

© Maxim Slutskiy/TASS

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Russia's oil major Bashneft may be privatized after economy stabilizes — governor

MOSCOW, August 29. /TASS/. Shares of Russian oil producer Bashneft rose 5% during the trading session on the Moscow Exchange on Monday, fueled by a Bloomberg report on a potential buy offer for the company.

Bloomberg citing sources wrote that an offer was made by Rosneft’s Chief Executive Igor Sechin to the Russian government to buy the controlling stake of 50.08% in Bashneft for $5 bln.

A source said the Russian Ministry of Economic Development is not familiar with the offer.

"We are not familiar with such an offer," the source said.

Bashneft operates in more than 20 regions of Russia and abroad. The Federal Property Management Agency owns 50 plus 1 share in the company’s share capital; the republic of Bashkortostan holds 25% plus one share. Company’s shares are traded on the Moscow Exchange.

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