Frankfurt, Nov 05: The new head of Russian oil giant Yukos, Simon Kukes, indicated in a German newspaper today that he did not favour a merger with a US oil company, as proposed by his predecessor Mikhail Khodorkovsky. "Managers don't like mergers, because then they lose their jobs," Kukes told a business daily in comments reproduced in German.
"As a manager, I take a look at what a tie-up can bring and I see that we already have a very strong management team. We don't need to import that from the west. We've enough money, too. Perhaps it's technology we need," Kukes said.
Yukos, the largest Russian oil producer, appointed Russian-born US citizen Kukes as its new chief executive yesterday to replace its jailed founder Mikhail Khodorkovsky, who is in prison on charges of massive fraud, tax evasion and embezzlement.
Khodorkovsky, who is the main shareholder in Yukos, had seen a tie-up with a US oil major as a long-term goal.
Asked about his immediate plans, Kukes said his main priority at the moment was "stabilising the company". Bureau Report