Sibur Management May Seek to Gain Control

Sibur managers want to buy a controlling stake from other shareholders in Gazprom's petrochemicals unit, Kommersant reported, citing a source familiar with the situation.

Management, which has a 5 percent stock option, planned to make the proposal at a board meeting Tuesday, the newspaper said. They would need to acquire an additional 45 percent plus one share to gain control.

"The question is not included on the meeting agenda, but it might be examined by the board at the initiative of one of its members," Sibur spokesman Rashid Nureyev told Interfax.

Gazprom's banking arm, Gazprombank, controls around 70 percent of Sibur while the gas company's pension fund, Gazfond, holds 25 percent, Kommersant said.

Sibur chairman Alexander Dyukov and chief executive Dmitry Konov declined to comment on their plans, the newspaper reported.

Gazprombank deputy chief executive Alexei Matveyev told Kommersant on Tuesday that he had not received any proposals from Sibur management.

Sibur's management would need to acquire 45 percent plus one share to consolidate a controlling stake, because the company has already reserved 5 percent of the shares for the options program, the news agency said.

Bloomberg, MT