May 30, 2012 / 2:07 PM / 5 years ago

Rosneft to spend $2 bln on share buyback-sources

MOSCOW, May 30 (Reuters) - State-controlled Russian oil firm Rosneft will spend up to $2 billion to buy back shares from minority investors who did not support revisions to a major Chinese oil export deal, sources close to the company said on Wednesday.

Under the buyback, which was approved at a board meeting, minority shareholders who did not support the deal have the right to tender their shares at 212 roubles apiece.

The sources estimated the the cost of the buyback at 65-70 billion roubles ($2.0-$2.2 billion).

Rosneft shares rose by 1.3 percent to trade at 202.46 roubles by 1400 GMT in a generally weaker market. ($1 = 32.1747 Russian roubles) (Reporting by Vladimir Soldatkin and Melissa Akin, Writing by Douglas Busvine; Editing by John Bowker)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below