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Article: The Convert: Yukos Approves Plan To Convert VNK Shares.(Eastern Oil Co)(Brief Article)
- Article from:
- NEFTE Compass
- Article date:
- February 11, 2003
CopyrightCOPYRIGHT 2003 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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At an extraordinary general meeting, Yukos shareholders overwhelmingly approved a plan to convert the shares of affiliate Eastern Oil Co. (VNK) into Yukos stock, clearing the way for the companies to become a single legal entity.
In line with Russian legislation, the next step is for the boards of VNK and Yukos to organize a joint extraordinary general meeting, after which VNK shares are to be converted at a rate of 120 common shares of VNK to one Yukos share.
After Russia's Anti-Monopoly Ministry approved the merger in the middle of January, the shareholders of VNK voted last week to approve the merger at their own extraordinary meeting (NC Dec.5,p7).
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