MOSCOW, October 13 (RIA Novosti) - LUKoil Overseas, a 100% subsidiary of Russia's largest oil company, LUKoil, announced Thursday that it has entered into an agreement to merge with Nelson Resources Limited of Bermuda, a Toronto-listed firm.
According to the agreement, the Nelson Resources' board of directors will recommend that its shareholders vote in favor of the merger at a general shareholders meeting to be held in late November 2005.
If approved by 75% of the board, LUKoil Overseas will acquire 100% of the fully diluted common shares of Nelson Resources for $2 billion in cash.
Nelson Resources Limited is an oil exploration and production company operating in Kazakhstan since 2000. Its proven and estimated oil reserves total 269.6 million barrels.
