Sibur, TAIF agree on merger terms

摘要

Sibur (Moscow, Russia) and TAIF (Kazan, Russia) say they have entered into an agreement to start the process of finalizing the previously announced creation of a combined petrochemicals entity. Sibur is Russia' s biggest producer of petrochemicals and TAIF is the country' s second-biggest producer. Sibur' s revenue in the 12 months ended 30 June 2021 amounted to $8.8 billion, and TAIF' s sales exceeded 720.0 billion rubles ($9.9 billion) in the same period, including oil refining and certain other assets, the companies say. Under the terms of the agreement, TAIF shareholders will receive a 15 stake in the combined company for 50 plus 1 share of TAIF, and Sibur' s current shareholders will hold the remaining 85.