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Gazprom OAO's Directors Approve Acquisition of Rosneftegaz Gas Distribution Companies-Platts

Sunday, 17 Mar 2013 08:00pm EDT 

Platts reported that Gazprom OAO's Board of Directors approved a deal worth RUB 25.9 billion, or USD 844 million, on March 15, 2013 to take control of gas distribution companies, which are owned by state holding company Rosneftegaz, according to a document posted on Gazprom OAO's Website. The move is in line with a government order signed in November 2010, which stipulated that Rosneftegaz would sell stakes in 72 gas distribution companies to Gazprom OAO, for no less than the market price. Previously, the deal was expected to include an exchange of Gazprom OAO shares for the stakes in the gas distribution network, a move that could have increased the state's stake in Gazprom OAO to over 50%. Gazprom OAO representatives were unavailable for immediate clarification of whether the deal will involve a share swap. 

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