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Gazprombank Agrees to Sell Controlling Stake in Sibur to MBO Team

11:30 AM MDT | May 7, 2008 | Chemical Week Editorial Staff

Gazprombank, an affiliate of Gazprom (Moscow), has agreed to sell a controlling stake in Sibur to a management buyout (MBO) team for $5.4 billion, according to a statement released by Gazprombank last week. The MBO team, led by Sibur president Dmitry Konov, announced recently that it was interested in buying Gazprombank’s 70% stake in Sibur (CW, April 28, p. 15). However, Gazprombank says it has agreed to sell 50% plus one share in Sibur to the MBO team. The proposed deal comprises a cash component of rubles53.5 billion ($2.3 billion) plus 25% of...

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