SibNeft’s business will not be under YUKOS’s control from the January 1st, 2004. This is information from SibNeft’s official.
He said that under mutual agreement between shareholders of the two companies, there will be no merger of the business processes and management from the 1st of January. Today the companies work separately, and will continue to remain so in the beginning of the next year.
Bruce Mizamor, a financial chief of YUKOS, claimed earlier that SibNeft is a subsidiary of YUKOS. It was also said that YUKOS will do everything under current contracts until SibNeft finalises its departure from merger process .
SibNeft underlines there is no conflict with YUKOS. However, they can not reach agreement on candidates to the board of directors.
The source in SibNeft also said there is no conflict between the shareholders of the two companies. According to his words, the current board of SibNeft was chosen by mutual agreement.
SibNeft shareholders are to elect new board of directors on the 30th December. Only the current members of the board are on the ballot. As election briefing says, such a decision is taken due to absence of offers of other candidates from shareholders.
At the same time, the vice-president of the YUKOS board Yuri Beilin said that YUKOS sent their list of candidates for SibNeft board in time. All those candidates are YUKOS employees, most of which are not known to public.
Beilin added that YUKOS will vote at the elections on the 30th of December regardless.
The current board of SibNeft, elected on the 15th May 2003 consists of 6 managers: Eugene Schwidler (company president), Constantine Potapov, Valery Oif, Eugene Poltorak, Tatiana Breeva (all vice-presidents) and Vladimir Novikov (the head of corporate management dept); and 3 independent directors: Albert Gavrikov (CEO of Aton investment group), Mikhail Vinchel (chief director of Prospekt investment co) and Ivan Tryshkin (former president of Russian Goods & Resources Exchange RTS)
Major stakeholders of SibNeft and YUKOS announced the finalization of the merger on the 3rd October. As a result of the merger, a new company YUKOSSibNeft is formed; YUKOS buys 92% of SibNeft shares, while SibNeft owns 26.01% of YUKOS. It was proposed that the new structure will start working from the beginning of the 2004.
On the November 28th the deal was frozen, and on the 16th of December SibNeft shareholders declared the merger will not take place.