Abramovich buys stake in oil firm - report
Chelsea Football Club owner Roman Abramovich is believed to have bought a stake in Russian oil giant Rosneft, which floated in London and Moscow last week.
The Observer reports today the billionaire has taken $300m (€237.3m) worth of shares, even though full trading does not begin until this week.
The company has said it will raise $10.4bn (€8.2bn) from its stock market listing, making it the world’s fifth biggest floatation.
Last month Mr Abramovich acquired a 41.3% stake in Russian steel firm Evraz Group for $3.12bn (€2.5bn).
It was the first time the tycoon had returned to Russia after his exit last year when he liquidated all his assets in oil firm Sibneft.
Mr Abramovich’s Rosneft stake represents 3% of all the shares now on the market, although his share of Rosneft’s equity would be smaller, the paper reports.
It is understood the listing will see around 20% to 25% of the firm put in the hands of investors and 75% to 80% retained by the Kremlin. Rosneft also said around 40% of the shares available will be set aside for investors in Russia.
However, its market debut may be delayed after rival Yukos began legal action to halt the sale. Rosneft became the third biggest oil producer in Russia after it acquired parts of shattered oil company Yukos at a state auction.
The controversial demise of Yukos left its founder Mikhail Khodorkovsky languishing in a Siberian jail for tax offences while other directors fled Russia.
Yukos is trying to block the flotation of Rosneft by claiming that the firm’s main oil unit Yuganskneftegaz was acquired from Yukos illegally.
But Rosneft has said its acquisition of Yuganskneftegaz will be fully discussed in its offering prospectus to investors.
