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Bashneft board to consider Rosneft offer on November 24

November 23, 2016, 10:22 UTC+3
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MOSCOW, November 23. /TASS/. The board of directors of Russia’s oil producer Bashneft will consider Rosneft’s offer on its shares' acquisition at the meeting on November 24, 2016, according to the documents released by Bashneft on Wednesday.

The plan is to consider the issue of "adopting the recommendations for Bashneft shareholders regarding the mandatory offer received from Rosneft on the acquisition of the company’s securities," the company said.

On November 15, Rosneft sent a mandatory offer on the acquisition of Bashneft ordinary shares from minority shareholders at a price of 3,706.41 rubles ($56.7) per share. The period for acceptance of the offer equals 76 days from the time of its receipt by Bashneft.

On October 28, Rosneft sent a draft mandatory offer to buy out ordinary shares from minority shareholders of Bashneft to the Central Bank for approval. It concerns about 55.466 mln shares of the company. Under current law, Rosneft has to submit an offer to minority shareholders of Bashneft within 35 days after the purchase of 50.08% of the company. Rosneft said that the maximum amount of the company's obligations under the mandatory offer to purchase shares of Bashneft from minority shareholders won’t exceed 206 bln rubles ($3.1 bln).

In mid-October Rosneft closed the deal to acquire 50.08% of Bashneft shares from the state for 329.7 bln rubles ($5.2 bln). Bashkiria now holds 25% plus 1 share in Bashneft.

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