(C) Radio Free Europe/Radio Liberty
This story was originally published by Radio Free Europe/Radio Liberty and is unaltered.
. . . . . . . . . .



UPDATE 1-Timchenko raises Novatek stake to 23.5 percent [1]

[]

Date: 2009-12-21 14:37:41+00:00

* State commission approves purchase

* Deal would have cost over $800 million at market price

* Novatek shares rise 6.5 percent

(Updates with antitrust approval to buy shares)

By Darya Korsunskaya

MOSCOW, Dec 21 (Reuters) - Companies controlled by Russian oil trading heavyweight Gennady Timchenko have raised their stake in Novatek NVTK.MM to over 23 percent, making them the largest stakeholder in Russia's biggest independent gas firm. Igor Artemyev, head of Russia's Federal Anti-Monopoly Service, said on Monday the application to buy more shares, thereby raising the stake from more than 18 percent, was studied and approved by a government commission on foreign investments.

“A number of structures connected to Gennady Timchenko have acquired around 23 percent of Novatek,” Artemyev told reporters. He said the total stake held by these structures had risen to 23.49 percent as a result.

The purchase of 5 percent in Novatek would have cost more than $800 million at today’s market price.

Novatek traded at $65.4 per GDR in London at 1350 GMT, up 6.5 percent on the day and five times as much as the lows around $13 at which it traded in December 2008.

Shares in Novatek rose 2.3 percent in Moscow, outperforming the broader market .MCX, which traded up 0.3 percent.

A stake of 23.5 percent would exceed the more than 19 percent in Novatek held by Russian gas export monopoly Gazprom GAZP.MM.

Novatek and Timchenko’s fund Volga Resources declined immediate comment. (Writing by Vladimir Soldatkin; Editing by Hans Peters)

[END]
---
[1] Url: https://www.reuters.com/article/novatek/update-1-timchenko-raises-novatek-stake-to-23-5-percent-idUKLDE5BK15X20091221

Published and (C) by Radio Free Europe/Radio Liberty
Content appears here under this condition or license: By permission of RFE/RL.

via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/rferl/