Rosneft, BP Said to Still Be in Talks on $28 Billion TNK-BP Sale |
| BusinessWeek - Oct 20, 2012 |
OAO Rosneft (ROSN) and BP (BP/) Plc are still working out the details of an agreement for Russia’s biggest producer to buy half of TNK-BP for as much as $28 billion, a person with knowledge of the talks said.
The final terms haven’t been set and the offer discussed by BP’s board yesterday dealt in ranges for how much would be paid in cash and in shares. An accord could see BP take 10 to 20 percent of Rosneft as part of deal worth $25 billion to $28 billion, according to the person, who declined to be identified because the talks are confidential. An announcement could come as early tomorrow, though the negotiations may take longer, the person said.
A deal may see Rosneft pay $11 billion to $13 billion in cash as well as offering a 16 to 20 percent stake in the company, Sky News reported. BP is also seeking a legal indemnity to protect it from claims by its billionaire partners in the venture, represented by AAR, Sky said. BP spokesman Vladimir Buyanov and a Rosneft official, who asked not to be identified citing company policy, declined yesterday to comment.
Read Full Article from BusinessWeek
- Posted: 2012-10-21 00:01:01
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
