Under the consolidation plan, state-owned oil company Rosneft will consolidate the assets of its 12 subsidiaries in Russia.
In the process of reorganization, Rosneft will offer minority shareholders of its subsidiaries to convert their shares into the stock of a consolidated company, or sell them pursuant to Russian legislation.
Rosneft has determined the market value of its shares at 151.45 rubles (about $5.55) per share.
The consolidation program was drafted by leading Russian and foreign consultants, including ABN Amro, Dresdner Kleinwort Wasserstein, Morgan Stanley, and JP Morgan.
International consulting company Deloitte & Touche has worked out a scheme of share conversion in line with Russian legislation that protects the interests of all shareholders, the company said.
Rosneft has charter capital of 90.92 million rubles (about $3.3 million).
