Oil companies merger is off

Russian oil companies Yukos and Sibneft have agreed to reverse their planned merger, effectively restoring the status quo that existed before they announced the deal to create the world’s fourth largest oil producer in April.

Oil companies merger is off

Russian oil companies Yukos and Sibneft have agreed to reverse their planned merger, effectively restoring the status quo that existed before they announced the deal to create the world’s fourth largest oil producer in April.

The sides signed a letter of intent in Moscow over the weekend to reverse the £6b (€8.5bn) merger, an unnamed source close to Sibneft told Dow Jones Newswires.

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