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ANK Bashneft' OAO plans reorganization to eliminate cross-ownership-Interfax


Friday, 13 Dec 2013 08:06am EST 

ANK Bashneft' OAO:Directors at Bashneft will meet on Dec. 17 to discuss convoking an extraordinary shareholders meeting to vote on the company's reorganization by eliminating cross-ownership via Sistema-Invest-Interfax.Bashneft said in a statement that the board would recommend voting in favor of reorganization by merging with CJSC Bashneft-Invest, which will be set up as the result of a spin-off from Sistema-Invest; and to approve a reduction in Bashneft's charter capital.Charter capital might be reduced by canceling shares in the company that will end up on Bashneft-Invest's books as the result of shareholders in Bashneft and AFK Sistema splitting up the assets of Sistema-Invest.Sistema-Invest owns 25.24 pct of Bashneft while AFK Sistema owns 51 pct and Bashneft owns 49 pct of Sistema-Invest.AFKS Sistema is the biggest shareholder in Bashneft with 87.6 pct voting shares.Bashneft told Interfax that the purpose of the reorganization is to eliminate the cross-ownership of shares in Bashneft and to complete the process of disposing of non-core businesses.It is anticipated that the board of directors will on Dec. 17 name the price at which ordinary and preferred shares will be purchased from shareholders dissenting against or abstaining from voting on the reorganization.Preferred shares may also be cancelled and charter capital reduced. 

Company Quote

2517.0
-46.8 -1.83%
11 Jul 2014