Yukos will sell its 53.7% stake in Lithuanian refinery Mazeikiu for US$1.43bn to PKN Orlen today – Bloomberg reported citing Yukos’ spokeswomen. The New York Court has just released its order on blocking the sale of Yukos’ foreign assets yesterday.
We see the mentioned US$1.43bn to be a realistic price for the refinery based on the pricing of similar transactions. We believe, even if PKN won’t pay dividend out for this year if it will make the Mazeikiu acquisition, investors should not react negatively. They should focus on the long-term growth opportunities related to the acquisition. We believe, most of the above news has been priced in already. Although, the fact of signing the contract could trigger some positive reaction.