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16:04
UTN-VOSTOK CLAIMS PRESSURE BEING PUT ON COMPANY VIA HOSTILE TAKEOVER

Kyiv, July 30 (Interfax-Ukraine) - UTN-Vostok Ltd. has said that the company is being put under pressure by a hostile takeover bid, according to a company press release issued on Wednesday.

The press service said this was indicated by certain publications in the mass media, which contain false or misleading reports about the financial and economic state of the company.

Commenting on reports that Russian-British joint venture TNK-BP is in the final stage of talks on the purchase of the UTN-Vostok filling station chain (the Ukrtatnafta retail brand) published in the NefteRynok (Oil Market) weekly, UTN-Vostok said that at present the company does not have any document that indicates its intent to sell the chain to TNK-BP or any other company.

Taking into account the above-mentioned facts, the press service of UTN-Vostok has warned readers to redouble their vigilance regarding reports made by the NefteRynok magazine and UPECO Company.

"We've sent an appeal for the retraction of reports in the mass media about our company. If the reports are not retracted, we plan to challenge them in court," reads the release.

The release says that UTN-Vostok is always open for talks with investors that are interested in the development of its business.

UTN-Vostok strongly denied reports that the deterioration of its financial and economic activities have made it necessary to sell the business.

The statements by CJSC Ukrtatnafta (Kremenchuk oil refinery in Poltava region), which contain accusations about the unfair use of its trademark, are a surprise to the company.

"We declare that over the four years since the moment of the signing of an agreement, UTN-Vostok has not received any complaints from Ukrtatnafta," reads the release.

"As for the 15 filling stations that do not come within the scope of the agreement, around 20 official letters have been sent to Ukrtatnafta, in which we asked to include the stations in the agreement. We’ve received no response, which we consider as an absence of complaint from the trademark owner," reads the release.

UTN-Vostok said that it has been operating under the Ukrtatnafta brand for some eight years, and in 2008 the company invested almost $30 million in the development of its chain.

"We believe that the above-mentioned funds can be considered an investment in the development of the Kremenchuk brand," reads the release.

UTN-Vostok called on Ukrtatnafta to start contrastive talks between the companies in line with ethical business standards.

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