MOSCOW – AAR's bid for BP PLC's stake in TNK-BP would likely be financed by borrowing through TNK-BP, a person familiar with the matter said Wednesday.
BP put its 50% stake in Russia's No. 3 crude producer up for sale in June amid rising tensions with AAR, a group of four billionaires that owns the other half. BP is also in talks with Russian state-controlled oil giant OAO Rosneft.
The person familiar with the matter said AAR will make an offer for BP's stake in cash and will make its bid before mid-October when a 90-day period requiring BP to negotiate in good faith with AAR expires.
The person added that AAR hasn't yet determined the price of its offer for the stake, which analysts estimate is worth around $25 billion.
Copyright (c) 2012 Dow Jones & Company, Inc.
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