Yukos Agrees to De-merger

After ten-months of battle and speculation, Russian oil giant Yukos agreed Tuesday to dissolve its landmark tie-up with smaller rival Sibneft. Millhouse Capital, the holding company of Russian billionaire Roman Abramovich and majority owner of Sibneft, said that core shareholders in both firms had agreed on terms of the cancellation of their merger. "On February 2, 2004, representatives of the core shareholders of Yukos and Sibneft signed a protocol on the execution of a de-merger transaction for the two companies," a statement from Millhouse Capital said.
"The signatories intend to implement the protocol within the shortest period of time possible," it added, without providing any further details.