According to Lukoil CEO, the company did not receive any takeover offers nor do they expect any other firm to make one for the company. This reaction comes after speculation flew that Lukoil would be a target for takeover by Russian oil giant Rosneft.
Due to its record breaking US$55 billion deal to purchase TNK-BP, there has been a lot of rumors regarding a planned acquisition spree despite being saddled with debt from the acquisition. Currently, Rosneft is the largest listed oil producer in both Russia and the world.
Rosneft CEO Igor Sechin, a staunch ally of Russian President Vladimir Putin, had made Rosneft the means to control the oil industry for and on behalf of the state. Because of such clout, many industry analysts see that it is able to pursue more acquisitions, including large ones with other oil companues.
During its annual company meeting, Lukoil head Vagit Alekperov said, "It would be tough to buy us, practically impossible." Lukoil is currently the second largest oil production firm in the largest oil production country in the world.
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