Russians Kværner's No.1 shareholder

Yukos Oil has become the largest shareholder in Anglo-Norwegian engineering and construction group Kværner. It's been revealed that the Russian company now owns around 22 percent of Kværner's shares. Yukos has apparently managed to accumulate an additional ten percent of the company's shares following it's NOK 15 per share bid last week. Siem Industries, of which Kristian Siem is a major shareholder, was one organisation that accepted Yukos' offer. Kristian Siem, who sits on Kværner's board, declined the opportunity to sell his personal shares in the cash strapped firm. Meanwhile Kværner's board of directors is conducting a review of the group's performance and results. It has decided that it would be appropriate to increase provisions made in the second quarter for previously announced disputed projects in the Engineering & Construction division. The additional provision is expected to be in the range of NOK 450 million, the company said in a press statement. The board is also intending to write-down the book value of some items in the group's balance sheet related to investments made in the period from 1995 to 1998.