Interfax reported that Mirakl a company controlled by Novatek founder Mr Leonid Mikhelson has filed with the Federal Antimonopoly Service to raise its stake in Sibur to 50%.

Mr Mikhelson said "I actually acquired 50%, not 25%, it's just that there are conditional requirements: receipt of approval FAS to raise the stake to 50%. The documents are currently begun examined. The filing was made last year. I think clearance will be received soon."

Once he consolidates 50%, Mr Mikhelson will consider raising the stake to 100%. He said that "I already have a signed agreement with the previous owners and that provides for increasing the stake to 100% on comprehensible terms."

Commenting on the value of the deal, Mr Mikhelson said "In determining the price of the deal, we proceeded from the announced valuation and taking into account the timeframe for the deal and Sibur's financial condition."

He said that the company will have to be reorganized before an IPO can be conducted. He added that "There are assets, very small in volume and that we can try to sell. That will take some time. I hope not too much."

As for potential acquisitions, Mr Mikhelson said "There are good companies engaged in petrochemicals and in future perhaps it would make sense to consider various forms of partnership."

Mirakl became the owner of 25% of shares in Sibur Holding on December 23.

(Sourced from Interfax)