In the biggest takeover deal in Russian history, Gazprom have announced the purchase of Roman Abramovich’s Sibneft oil company. The deal effectively hands direct control of around 30% of Russian oil production to the government.
Rather than being directly funded by the Russian taxpayer, Gazprom are believed to have arranged a $12 billion loan from a consortium of Western banks. But, when you consider that the Russian government initially sold their 51% stake in Sibneft way back in 1996 for the grand total of $100 million, the Russian taxpayer doesn’t seem to be the big winner in this deal.
Roman Abramovich now officially has more cash than he knows what to do with – or, as Sporting Life puts it, Abramovich increases pocket money.
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