Arco Launches Bid For Russian Oil Firm

Arco said Wednesday it was trying to buy up to 7.99 percent of the voting shares in LUKoil, one of Russia’s largest integrated oil companies, through a $250 million offer.

Arco said it plans to bid for LUKoil bonds, which will be convertible into the company’s stock, when the securities are sold in September.

Arco, which recently launched a hostile bid for Irish North Sea oil producer Aran Energy PLC, said its plans for LUKoil were consistent with its overseas expansion strategy.