Source: BP Receives Formal Offer from Rosneft for TNK-BP Stake

BP PLC has received a formal offer from Russian state-controlled oil giant OAO Rosneft for its 50% stake in Russian oil producer TNK-BP, a person familiar with the matter said Thursday.

The person gave no further details on the offer, which other people close to the talks have said is around $25 billion in a mix of cash and shares.

Rosneft President Igor Sechin, a close ally of President Vladimir Putin, is presenting his offer to BP in London Thursday. BP's board is expected to consider the offer Friday, people close to the deal have said.

Rosneft, in which the government owns 75.5%, said in July it would bid on BP's stake in Russia's third largest oil producer.

Copyright (c) 2012 Dow Jones & Company, Inc.

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