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Gazprombank cuts stake in russian petrochemicals producer Sibur

December 28/2010

(Bloomberg) -- Gazprombank cut its stake in OAO Sibur Holding, Russias largest petrochemical producer, to 0.02 percent, the Moscow-based lender said today in a regulatory filing, without providing more details.

 

Last week, Gazprombank said Leonid Mikhelson, a billionaire shareholder and chief of gas producer OAO Novatek, bought 25 percent of Sibur and was in talks to buy the remaining shares. Siburs value is 225 billion rubles ($7.4 billion), excluding debt, the lender said.

 

Gazprombank, in which the state gas-export monopoly OAO Gazprom holds less than 50 percent, has said it is selling non- financial assets to improve its business structure.

 

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Gazprombank cuts stake in russian petrochemicals producer Sibur
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