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Regulator will analyze deal on acquisition of stake in Bashneft by Rosneft within a week

November 23, 2016, 16:08 UTC+3 MOSCOW

The period for acceptance of the offer equals 76 days from the time of its receipt by Bashneft

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MOSCOW, November 23. /TASS/. Russia’s Federal Antimonopoly Service (FAS) will complete the analysis of the behavioral conditions for the purchase of state-owned stake in Russia’s oil producer Bashneft by state-owned oil company Rosneft within a week, head of the department Igor Artemyev told reporters.

"We are working on it. We have deadlines, I think, within a week will complete it," Artemyev said.

The board of directors of Bashneft will consider Rosneft’s offer on its shares' acquisition at the meeting on Thursday, November 24.

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 $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 $3.1 bln.

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

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