Leonid Mikhelson acquires 25% of OAO Sibur Holding, seeks to buy more stake

Leonid Mikhelson, a billionaire shareholder of Russian gas producer OAO Novatek, bought 25 % stake in OAO Sibur Holding, Russia's largest petrochemical producer, and may buy the remaining shares. Mirakl, a company controlled by Mikhelson, has the right to increase its stake to 50%, is buying another 25% from Gazprombank after gaining antitrust approval. Sibur is valued at 225 billion rubles (US$7.4 bln), excluding debt, Gazprombank said in a separate statement today. The Moscow-based lender, in which Gazprom holds less than 50%, is selling non-financial assets to improve its business structure. Mikhelson may buy as much as 100% of Sibur, Gazprombank said. The bank, which bought 75% of Sibur in 2005, is now the beneficiary holder of 95.4% of the petrochemical company.
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