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State-owned oil company Rosneft will offer consolidated shares when it launches its IPO later this year
State-owned oil company Rosneft will offer consolidated shares when it launches its IPO later this year, the economics minister said Wednesday. "The IPO will be undertaken by a company that has taken all juridical decisions on consolidation," German Gref told reporters, adding that technical details were currently being ironed out. The timetable for holding the IPO will be decided after "the Rosneft board of directors confirms the share conversion coefficient for consolidation," Gref said. Rosneft President Sergei Bogdanchikov said at a Tuesday meeting with President Vladimir Putin that the oil company would transfer all the assets and licenses of its subsidiaries to its own balance sheet, thereby boosting its capitalization by $10 billion
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