May 12, 2008 / 2:37 PM / 12 years ago

UPDATE 1-LUKOIL head Alekperov becomes biggest shareholder

(Adds vice president Leonid Fedun’s increasing of his stake)

MOSCOW, May 12 (Reuters) - The president of Russia’s second largest oil producer LUKOIL (LKOH.MM), Vagit Alekperov, has become the firm’s largest shareholder by increasing his stake by 1.3 percent to 20.4 percent, LUKOIL said on Monday.

The firm, in which U.S. oil major ConocoPhillips (COP.N) holds a 20 percent stake, said in a statement Alekperov has paid 24.57 billion roubles ($1.03 billion) to buy 11.13 million of LUKOIL’s shares in addition to the 162.381 million shares he owned before.

Alekperov has repeatedly said he was going to continue investing his personal capital in the company’s shares.

LUKOIL said last year that Alekperov, his wife Larisa and son Yusuf, owned 19.1 percent of LUKOIL’s shares at the time.

LUKOIL said in a separate statement that its vice-president Leonid Fedun has also bought 6.71 million of LUKOIL’s shares at 15.146 billion roubles ($635.3 million).

LUKOIL’s outstanding common stock makes up 850.6 million shares, which means that Fedun has increased his stake in the company to 9.09 percent from the 8.3 he owned last year.

Alekperov and Fedun have a combined stake of about 30 percent, which is enough to veto board decisions. (Reporting by Tanya Mosolova, editing by Elizabeth Fullerton)

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