YUKOS shareholders approve acqusition of Sibneft's shares

The extraordinary general meeting of YUKOS shareholders made decisions on the merger of YUKOS and Sibneft, a source in the company's press service reported. The decisions were made by absentee voting on May 27, 2003. YUKOS shareholders approved purchasing a 20-percent stake minus one share in Sibneft for $3bn and additionally up to 72 percent of Sibneft's shares in exchange for YUKOS shares. They also approved an increase in the company's share capital by placing another 1 billion shares and brought necessary changes into the company's articles of association.

As reported earlier, on April 22, YUKOS and Sibneft agreed on a merger. The new company will become the world's fourth largest oil company in the volume of oil production. The deal is expected to be completed before the end of 2003.

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