Russian Businessman set to make £138m Profit
Posted by Neil Payne on August 13th, 2009
A wealthy Russian oil financier is set to scoop a £138 million payout after the takeover of Emerald Energy by China’s Sinochem.
Michael Kroupeev, Emerald’s biggest shareholder, will receive the cash in exchange for his 29 per cent stake in the Syria and Colombia-focused oil explorer, which was acquired by Sinochem, a Chinese state-controlled company, for £532 million.
Mr Kroupeev’s stake in Emerald is held through Waterford Finance & Investment, his Guernsey-based holding company.
Michael Kroupeev set to make £138m from Emerald Takeover
Sinochem’s offer of 750p a share for Emerald represents a 34 per cent premium on the group’s share price before July 10, the date the company announced the takeover approach. But Mr Kroupeev bought much of his stake in 2004 for less than one sixth that level — or 120p per share.
Yesterday, Mr Kroupeev indicated that he intended to support the takeover, which Alastair Beardsall, Emerald’s executive chairman, said represented “fair value” for shareholders
Read More>The Times Online
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