Eni Dumps Gazprom Neft Stake For $4.1B

Law360, New York (April 7, 2009, 12:00 AM EDT) -- Russian oil giant Gazprom said Tuesday it had exercised its option to purchase an additional 20 percent stake of Gazprom Neft, a company it controls, for $4.1 billion from Italian energy giant Eni SpA.

The deal, signed Tuesday in Moscow, brings Gazprom's stake in Gazprom Neft to over 95 percent, Gazprom said. Gazprom Neft, formerly known as Sibneft, is Russia's fifth-largest oil producing company.

The deal is to be financed by Gazprom taking out loans from a number of Russian banks. According to wire reports, there...
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