Yukos, Sibneft merger to be canceled

A source close to Sibneft shareholders said on Tuesday that neither Yukos, nor Sibneft would receive any compensation payments in connection with the termination of the merger between the companies.

"The offset will not have any mutual compensations," the source stressed.

According to him, the decision to stop the merger of Yukos and Sibneft has been made, and it will take place within the next few months.

"The deal to stop the merger of Yukos and Sibneft will not take long and will be maximally open," the source said. "The process of terminating the companies' merger will go in the opposite direction of their merger, i.e., according to a mirror variant." He explained that, as a result, 92% of Sibneft's shares would return to their previous owners, while Yukos will receive 26% of its shares and $3 billion.

Sibneft officials refused to officially comment on the information that the merger between Yukos and Sibneft will be canceled.