Yukos shares in decline

Shares in Yukos, Russia’s second-largest oil producer, posted their biggest drop in two months after Dresdner Kleinwort Wasserstein valued Yukos’s main unit at as much as one-third lower than investors expected.

The unit, OAO Yuganskneftegaz, may be worth between $10.4bn and $18bn, analysts familiar with the bank’s report said. Alexander Buksman, head of the Justice Ministry’s main directorate said the bank valued Yugansk at $10.4bn. Russia will sell a stake in Yugansk to cover Yukos’s tax bill, the Justice Ministry said.