Merger of Gazprom and Rosneft

Friday, May 29, 2020

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The date and procedure for the merger of Gazprom and Rosneft are to be announced in the near future, according to economic development and trade minister German Gref. "We are dealing with the problem. Our experts and their Gazprom colleagues are holding consultations, with the date and procedure of the merger to be announced soon," the minister told a media briefing on Thursday. He also noted that the day before Gazprom's Chairman of the Board Alexei Miller had spoken on the government's control over the corporation and stock market liberalization. "His position is in accordance with ours, and we stick to it," Mr. Gref said. The government will hold the controlling stock of Gazprom and scratch the stock acquisition quota imposed on foreign buyers of Gazprom's stock, Mr. Gref told the media. "Assuming complete government control of Gazprom and the corporation's stock market liberalization will be implemented," the minister assured. Rosneft's merger with Gazprom "has been prepared and can be completed any time soon," Alexei Miller told the leaders of the Dresdner Kleinwort Wasserstein investment bank during a routine meeting, a Gazprom press release stated. "Over the past several weeks, we have been heavily engaged in crafting the deal on taking over Rosneft without Yuganskneftegaz. The contents of the deal has been agreed upon with Gazprom as well as tax and legal advisers," the head of the bank's Russian office, Bob Foresman, said during the meeting.