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MOSCOW (AP) - The Russian government expanded its control of the nation's oil and gas riches Tuesday when a subsidiary of state-controlled Rosneft purchased one of the last remaining assets of the bankrupt Yukos oil group at a price below its market value.
Rosneft paid 197.8 billion rubles ($7.6 billion) to buy nearly 10 percent of its own shares that had been held by OAO Yukos. That was just $90 million above the starting price in the auction — and nearly 10 percent less than the value suggested by the closing price Monday.
The subsidiary, RN-Razvitiye, won after the 10th round in an auction with just two bidders that took place at Yukos' largely deserted, marble and glass office building in downtown Moscow. The sale also included a small bundle of promissory notes.
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