ConocoPhillips sells 7.6% of its 20% stake in LUKoil
On 16 August 2010, LUKoil acquired 7.6% of its own stock from ConocoPhillips. LUKoil retains an option to buy ConocoPhillips' remaining 11.6% stake before 26 September 2010, but has stated that it does not intend to exercise the option in full. ConocoPhillips plans to divest the balance of its holding on the open market over the next 18 months.Under our base case assumptions, we value a 7.6% stake in LUKoil's upstream portfolio at US$6.6 billion (NPV10 as at 1 August 2010). By ...