Kazakh Businessman Proposes Exillon Energy Buyout

Russia-focused oil producer Exillon Energy said it had been approached by its largest shareholder and former chairman, Maksat Arip, about a possible offer for the company.

The company said the Kazakh businessman holds a 30 percent stake and that talks were at an early stage.

Exillon's biggest institutional shareholder, Worldview Capital Management, called for a management overhaul and strategic review in January amid what it called "significant underperformance."