Lukoil is bidding for a controlling stake in Repsol YPF. Lukoil is offering to pay twice as much per share for acquiring a 29% stake than the rest of the shares in the company are worth. This transaction is questionable on many fronts. Should a EU country, Spain, give control of a crucial area of its economy to an non EU country, Russia when already the EU is so worried about Russian control of its energy supplies as a whole? Should Lukoil be allowed to control Repsol without buying the whole company? Should Argentina´s energy sector which already has ceded control of its former state oil company to Repsol now be controlled by Russian Lukoil? I should clarify that a small percentage stake in Fon my company is owned by Sistema´s controlled VC fund Coral and that we are very happy having Coral as an investor. The issue here is that one thing is WiFi as a form of internet connectivity and the other is a nation´s oil supply.
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