Rosneft may refloat shares if it wins YUKOS auction
Published March 23rd, 2007
Russian state-controlled oil firm Rosneft may put shares back on the market to increase its free float if it wins an auction for a block of its equity next week, a company official said.
The 9.44 percent stake in Rosneft is held by bankrupt oil firm YUKOS and is going under the hammer to pay off its debts.
The official said Rosneft could swap the shares for assets in Russia or abroad, or sell them back to investors to increase the firm’s free float. But he said the fair value was much higher than the current market price, so it was unlikely they would be floated again soon.
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