Yukos To Raise Stake In British-Norwegian Group

Russian oil group Yukos said on Tuesday it has bid for a further 12.9 percent stake in Anglo-Norwegian engineering group Kvaerner, which would make it the biggest shareholder with 25 percent. The company said in a statement that the shares would be purchased at 15 Norwegian crowns per share. Kvaerner shares closed on Tuesday at 14.50 crowns. "Yukos would actively consider purchasing Kvaerner's Hydrocarbons subsidiary and the Process Technology business of Kvaerner's Engineering and Construction division," the Yukos CEO said in a statement. "Any new issue of shares should also be considered together with other options for the continued financial viability of Kvaerner," he added. Kvaerner, struggling to avert bankruptcy, is trying to raise two billion Norwegian crowns ($227.9 million) through a share issue. Earlier on Tuesday, Kvaerner said it would elect a new board next month after Yukos requested a place on the board, the Russia Journal wrote.