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Novatek Offers $953M For Sibneftegaz

Novatek has offered to acquire the remaining 49% of Sibneftegaz.

    Novatekhas offered to acquire the remaining 49% ofSibneftegaz,Reutersreports. The Russian group already owns 51% of Sibneftegaz, which it acquired for $876.7 million fromGazprombank.

    Novatek has offered $953 million to buy back the outstanding shares from Sibneftegaz’s minority shareholders. Russian independent gas producer,Itera, holds 48.9% of the remaining stake.

    Click here for the story fromReuters.

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