SIBUR and TAIF have signed an agreement on the final terms of the creation of a combined company

AK&M 24 September 2021 16:42

SIBUR and TAIF have entered into an agreement on the final terms of the creation of the combined company. TAIF shareholders receive a 15% stake in the combined company in exchange for 50%+1 share of TAIF JSC. This is stated in the message of SIBUR.

In addition, in order to accelerate the integration and improve the efficiency of the operating and investment activities of the combined company, the parties agreed on the early exercise of an option for the remaining stake in the company at the disposal of TAIF shareholders.

SIBUR's obligations for monetary compensation in the second part of the transaction will be secured by the issue of several series of exchange-traded bonds.

Thus, within a few days, which will be required to complete the procedures related to the closing of the transaction, 100% of the shares of the TAIF group, consisting of petrochemical and energy enterprises, will be consolidated in the perimeter of the combined company.

The largest petrochemical company in Russia and one of the largest in the world is being created on the basis of PJSC SIBUR Holding, the report emphasizes.

SIBUR is the largest integrated petrochemical company in Russia and one of the most dynamically developing companies in the global petrochemical industry with more than 22 thousand employees. SIBUR processes by-products of oil and gas production. In 2020, SIBUR's revenue amounted to $7.2 billion, EBITDA – $2.5 billion.

JSC "TAIF" - the parent company of the largest non-public group of the Russian Federation-was formed in August 1995. The Group operates in many areas, the key of which are: oil and gas processing, chemistry and petrochemistry, energy, investment sphere of activity.

The enterprises in the field of chemistry and petrochemistry of the TAIF group produce 581 types of products, of which synthetic rubbers, various brands and types of polyethylene, polypropylene, polycarbonate and styrene plastics are large-tonnage.